ITC availibility on fork lifter
Sir
Whether ITC allowed on fork lifter used for moving finished goods with in factory.
Input Tax Credit Available for Forklift Use in Factories Under GST; Forklifts Classified as Capital Goods Per CGST Act. A discussion on the availability of Input Tax Credit (ITC) for a forklift used within a factory under the Goods and Services Tax (GST) regime concluded that ITC is indeed available. Several participants confirmed that forklifts, classified as capital goods, qualify for ITC as they are used for business purposes. It was noted that the definition of capital goods under the CGST Act is more inclusive, and past case laws support this interpretation. Additionally, amendments to the CGST Act have removed restrictions on ITC for certain vehicles, further supporting the eligibility of forklifts for ITC. (AI Summary)
Goods and Services Tax - GST