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

Input tax credit eligibility: ITC may be claimed for a laptop if supplies are fully taxable; partial exemption requires apportionment. A laptop classified as a company capital good or fixed asset is eligible for Input Tax Credit when used for business; where supplies are wholly taxable ITC may be claimed in full, but where supplies are partly exempt the ITC must be apportioned and the exempt-attributable portion reversed under the common credit mechanism. The tax benefit under GST (ITC) should be assessed alongside depreciation treatment and applicable restrictions.