i have purchased a machine for rs. 150000.00 + 18% gst = 177000.00
can i claim itc ? if yes then on what conditions?
ITC on Machinery Purchased
Shoeb Hasan (81 Points)
14 January 2019
Shoeb Hasan (81 Points)
14 January 2019i have purchased a machine for rs. 150000.00 + 18% gst = 177000.00
can i claim itc ? if yes then on what conditions?
Ruchika Somani
(Coaching and Practice in Tax Audit Law.)
(4429 Points)
Replied 14 January 2019
It is a capital asset and will be used to produce final outputs right?
Ruchika Somani
(Coaching and Practice in Tax Audit Law.)
(4429 Points)
Replied 14 January 2019
Then GST credit will be divided over 5 years i.e 60 months and taken every month till 60 months only if goods produced are of nature which are fully taxable
Sanjiv Rajpoot
(3430 Points)
Replied 14 January 2019
YES u can claim ITC if u used the machinery in course of furtherarnce of business
But if you are exporter and supply made through payment without tax
then u can not cliam itc of capital goods
MACHINERY use for output supply if u are sale before 5 yaer than required reverse itc
IF u are made supply of exempt then u can not claim itc
jaheer hussain
(577 Points)
Replied 14 January 2019
NITIN KOTAK
(SERVICE)
(1465 Points)
Replied 14 January 2019
pritesh
(CA Final student)
(7101 Points)
Replied 15 January 2019
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