Hi All,
Good afternoon and have a great day ahead!
I would like to know, if a co. purchase capital goods (ex. furniture/computer) for office use, can the co. is eligible to take ITC for purchase of capital goods?
If Yes, please confirm with under which section of GST gives clarification for the same.
With advance thanks
Pradeep Kumar T V
yes you can claim gst inputs all in once on capital goods
subject to use of furtherance of business .
ITC is available on capital used in the course of furtherance of business. but the depreciation on ITC element will not be available and if you sell the goods within a short period then the respective amount of ITC should be reversed.
CAclubindia
