Explain below section:
If the person taking the ITC on capital goods and plant and machinery has claimed depreciation on the tax component of the cost of the said items under the Income-tax Act 1961, the ITC on the said tax component shall not be allowed. Thus, in respect of the tax paid on such items, dual benefit cannot be claimed under Income-tax Act, 1961 and GST laws simultaneously.
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Section 16(3) CGST act,2016
Replies (1)
Whn u claim this as itc in ur gst then it is not ur cost... Then how can u capitalise it in fixed assets... Tell.... It is advisable to take credit in gst... Bcz in gst u got 100% credit for that.... But if u want to claim expenses in pl account only 30% tax savings is there... Hope u will understand now
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