Term - Capitalised

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....in the books of accounts. If the expense is part of the revenue account for such activities, then ITC on the same cannot be denied under section 17(5)(c) and (d) of the CGST Act. The question as to what is to be treated as capitalised has been answered through the definition of 'inputs' and 'capital goods' provided under sections 2(59) and 2(19) of the CGST Act respectively. Thes....

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....s: "It has been represented that on certain occasions, departmental officers do not consider ITC on stores and spares, packing materials, materials purchased for machinery repairs, printing and stationery items, as part of net ITC on the grounds that these are not directly consumed in the manufacturing process and therefore, do not qualify as input. There are also instances where stores and spar....