watch_later 18/01/18

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 

2 Responses | Latest response: 18/01/18 | Sort by Likes(thumb_up) Recent | GST Reply
watch_later 18/01/18

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.

watch_later 18/01/18

As Pulkit rightly told, you can claim input credit immediately & utilize it as & when you have the same. There is no restriction of periodicity for utilization of input. It will lie in your credit ledger in gst.

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