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ITC ON PLANT N MACHINERY

Priyokumar Thounaojam (148 Points)

30 September 2017

can I get itc on plant n machinery for my brick farm?

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5 Replies

mahendra sahoo (Gst Practicion) (700 Points)
Replied 30 September 2017

If you purchased new plant, you can get full itc at the time of book entry of capital goods. If you purchased the capital goods before gst, you can claim remaining ITC in Tran 1 form

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niboj (Bangalore) (139 Points)
Replied 30 September 2017

since the P&M has been used for ur business for production. it is a fixed asset 4 u.
So u r not able to take the input credit for it.
But u can charge depreciation on it

Priyokumar Thounaojam (148 Points)
Replied 30 September 2017

m going to buy new machinery.

niboj (Bangalore) (139 Points)
Replied 30 September 2017

fine sir..

RAJA P M ("Do the Right Thing...!!!") (128068 Points)
Replied 30 September 2017

I agreed to Mr Mahendra Sahoo.,

@ Priyokumar.,

You can claim that ITC on your purchase of Machinery...
Also you can claim Depreciation for the basic value of the goods...