Capital goods credit

[manish kumar]

Sir,

An assessee has taken Capital goods credit after one year. Can we allow 100% credit or allow 50% credit or disallow all capital goods credit. Please suggest me with proper authorities .

AI Summary

Assessee can claim 100% capital goods credit after one year if 50% was not claimed initially, pre-GST rules apply. An assessee inquired about the eligibility to claim capital goods credit after one year, questioning whether 100% credit, 50% credit, or no credit could be allowed. Three respondents clarified that the restriction on availing credit within one year applied to inputs and input services, not capital goods. It was noted that if 50% credit was not claimed in the first year, 100% credit could be claimed in the subsequent year, referencing pre-GST regulations.