Can I claim Input Tax Credit (ITC) on capitalized items, and what is the law regarding this?
Vikash Tailor (13 Points)
09 May 2024Can I claim Input Tax Credit (ITC) on capitalized items, and what is the law regarding this?
RAJA P M
("Do the Right Thing...!!!")
(127513 Points)
Replied 09 May 2024
CA Mayank A Jain
(Chartered Accountant in Practice)
(1146 Points)
Replied 10 May 2024
You can claim ITC on capitalized item.
You should ensure that such credit is not blocked under section 17(5) of the CGST Act and it is not used for making exempted/non-taxable supplies.
RAJA P M
("Do the Right Thing...!!!")
(127513 Points)
Replied 10 May 2024
This is already in the GST act. If understand the rules book then why ask doubt here.
So, please wait for the reply with details...
So and So flat reply or rules & provisions is not solve query...
Required and Requested for Reason and Solution
CAclubindia
