GSTGST credit on new machinery purchased

[Sahadev Maity]

Dear experts,

I am going to start a new factory, for the I need to buy some machineris from outer state of Rs around 30lacs. Previous CST was 2% but now GST is 18% on purchase of machinery.

So kindly advice me, can I avail the GST credit on purchase of that machinery if yes then how?

I would be very grateful to u all.

Thanks & regards,

sahadev Maity

mob-9654621194

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AI Summary

GST Credit on Machinery: Eligible for 100% ITC if Capitalized as Capital Goods, Pending New Credit Rules An individual planning to start a new factory inquired about availing GST credit on machinery purchased from another state, costing approximately 30 lakhs. Previously, the Central Sales Tax was 2%, but the current GST rate is 18%. Responses in the forum indicated that GST credit can be claimed if the machinery is capitalized as capital goods in the books of accounts, allowing for 100% Input Tax Credit (ITC). Participants advised waiting for the new GST Credit Rules, while others confirmed the eligibility to utilize GST credit during the same year of dispatch.