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Changes in the definition of inputsinput services and capital goods

Goods and Services Tax - GST - By: - Pradeep Jain - Dated:- 8-5-2017 Last Replied Date:- 9-5-2017 - GST DAILY DOSE OF UPDATION Changes in definition of inputs, capital goods and input services As evident from revised draft, the definitions of the input goods, capital goods and input services have undergone a major change or let s say, it has been simplified to the maximum extent possible. In the current laws, there are definitions containing specifications and restrictions to items and services .....

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ns goods, the value of which is capitalized in the books of accounts of the person claiming the credit and which are used or intended to be used in the course or furtherance of business. Although this being a welcome step, it should also be looked into that what new issues can crop up due to this change? Earlier parts, accessories and components of capital goods were also classified as capital goods but now the consumables can t be treated as capital goods as they won t be capitalized. It is mos .....

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