Puneet Kalra asked 7 years ago
Input tax credit on capital goods
Hello,
I purchased a few capital goods in April 2018.
One Inverter / Battery Set
Two Scanners
Two Printers
Total GST paid is approx 10000.
What is the procedure of taking input credit for such capital goods?
3 Answers
Deepak Bholusaria, CA answered 7 years ago
There is no separate procedure for capital goods. Like any normal purchase you take input on capital goods as well.
Puneet Kalra answered 7 years ago
Sir, Thanks for your response.
I read somewhere that for I can avail ITC in 5 years for tax given on capital goods…but not sure…
Deepak Bholusaria, CA answered 7 years ago
That condition is required to be followed (in order to compute ITC reversal) where capital goods is used both for exempt and taxable supplies. Refer rule 43.
