CAN CLAIM GST

[PRADEEP SHUKLA]

Dear Experts,

I would like to know that company has purchased a laptop & done payment from company current account. If we take purchased in Capital Goods / Fixed Assets of company can we avail ITC for the same on invoice raised by supplier ???

Please help me in this query

With Best Regards

Pradeep Shukla

[SIVARAMA KUMAR]

Yes ITC is eligible in full if your business consists of taxable services alone . In case you run a business partly taxable and partly exempted then you need to reverse the ITC for the exempted turnover ( common credit mechanism applicable as per the rules)

[Ganeshan Kalyani]

Either GST credit or depreciation benefit one can claim in GST.

AI Summary

Company Seeks ITC on Laptop Purchase; Experts Highlight Conditions and Restrictions for GST Credit and Depreciation Claims A company inquired about claiming Input Tax Credit (ITC) on a laptop purchased as a capital good, with payment made from the company's current account. An expert responded that full ITC is available if the business only provides taxable services. However, if the business involves both taxable and exempt services, ITC must be reversed for the exempted portion. Another expert noted that either GST credit or depreciation benefits can be claimed, but not both.