Home Forum Goods and Services Tax - GST Month 5 2018 2018 (5) This
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Capital Goods ITC claim - Goods and Services Tax - GSTExtract Suppose a capital good (purely for business purpose) is purchased for 80,000. on 1.4.2018. So CGST part will be 7200. We avail 1/5 part (1440) for current year and put reversal entry of 5760. Now, in next year we claim next 1/5 part (1440). My question: 1. Do we claim next year ITC on 1.4.2019 or 31.3.2020 (ie exactly 1 year after purchase or at the end of next FY) 2. Under which section of GST, do we claim ITC of next year. 3. Under which section of GST, do we enter reversal enter of current year. Please advise.
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