IF I HAVE PURCHASED A MACHINERY WORTH RS,10,00,000/- ON PURCHASED SGST @ 18% = 1,80,000/- .
JOB WORK DOING ON THAT MACHINERY, I SHALL COLLECT GST @ 18% FROM CONSUMERS. IF I CLAIM INPUT RS.1,80,000/- AND HOW MUCH PERIOD THAT
GST INPUT CLAIM. PLEASE TELL ME
Under GST, you can claim input tax credit on fixed assets in a single transaction. Unlike VAT where we had to claim 50% in a year, under GST you can claim full credit in same return filing period.
However as per provisions you cannot claim depreciation of GST portion in your purchase price.
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