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ITC ON CAPITAL GOODS IN TAXABLE SUPPLY
sir if i purchase machinery and i wish to use this machine to produce taxable supply goods...In that case will i get full input tax credit in the same month of the purchase of machine????sir plz reply me.
Replies (4)
Yes, you can take full ITC in single take
But you cannot take benefit of depreciation if you take input...plus if you cover under composite supply then also you are not eligible to take input on capital goods ...
Yes, ITC available in the same month of purchase.
suppose
machinery 1lac
input gst 18k
To party 1.18lac
u can claim credit here
machinery 1.18lac
To party 1.18lac
u cannot claim
machinery 1lac
input gst 18k
To party 1.18lac
u can claim credit here
machinery 1.18lac
To party 1.18lac
u cannot claim
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