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All QuestionsCategory: GST CompliancesInput tax credit on capital goods
Profile photo of Puneet KalraPuneet Kalra asked 3 months ago

Input tax credit on capital goods

Hello,
I purchased few capital goods in April 2018.
One Inverter / Battery Set 
Two Scanners
Two Printers
Total GST paid is apprx 10000.
What is procedure of taking input credit for such capital goods.

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3 Answers
Profile photo of Deepak Bholusaria, CADeepak Bholusaria, CA Staff answered 3 months ago

There is no separate procedure for capital goods. Like any normal purchase you take input on capital goods as well. 

Profile photo of Puneet KalraPuneet Kalra answered 3 months ago

Sir, Thanks for your response.
I read somewhere that for I can avail ITC in 5 years for tax given on capital goods…but not sure…
 

Profile photo of Deepak Bholusaria, CADeepak Bholusaria, CA Staff answered 3 months ago

That condition is required to be followed (in order to compute ITC reversal) where capital goods is used both for exempt and taxable supplies. Refer rule 43.