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Capital Goods ITC claim

Goods and Services Tax - Started By: - narendra patel - Dated:- 18-5-2018 Last Replied Date:- 11-12-2018 - 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) .....

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GST, do we claim ITC of next year. 3. Under which section of GST, do we enter reversal enter of current year.Please advise. - Reply By KASTURI SETHI - The Reply = Restriction of one year is for availment and not for utilization. Can be used at any t .....

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ithin one year but may be utilized indefinitely. This is the new concept I heard. Any support please. - Reply By narendra patel - The Reply = Sir,Till now I was taking full ITC for Capital Goods in a single year, but recently saw at many places on in .....

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SETHI - The Reply = Dear Querist, You can take full ITC on capital goods in one year. Reversal (you are talking) is required on account of usage of tax paid inputs/capital goods in the business or furtherance of business in respect of exempted as we .....

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s allowed as 50% in first financial year and balance (50% ) in next financial year. In GST regime, ITC on capital goods can be taken in full in one year. (year of purchase). Earlier condition of taking credit in two installments has been dispensed wi .....

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-GST era i.e.Central Excise. - Reply By KASTURI SETHI - The Reply = Dear Querist, Also read Section18 (6) of CGST Act, 2017. - Reply By Alkesh Jani - The Reply = Sir, In addition to the views expressed by our experts, You are also requested to ensure .....

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.Thank you very much.If my conclusion from above discussion is wrong, please advise. - Reply By Shashank Mutha - The Reply = Respected kasturi Sethi & Govindrajan ji I think that if we charge depreciation on capital goods at the end of financial .....

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