tax credit in capital goods
Sagar (Co Owner V.G Vegetables Article Mevada & co.) (140 Points)
26 June 2018
Dipika Shah
(Partner)
(188 Points)
Replied 26 June 2018
If the capital goods are used or intended to be used exclusively for business purpose, then full ITC can be claimed. If the capital goods are used for both taxable supply of goods and for exempted supply then proportionate ITC on such capital goods can be claimed.
ITC cannot be claimed on list of capital goods mentioned in section 17(5) of the SGST Act. Further, ITC can be claimed only if no depreciation is claimed on the tax portion.
Hari Gaddam
(20 Points)
Replied 26 June 2018
6 days Certification Course on GST Practical Return Filing Process