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TMI BlogDEPRECIATION ON CAPITAL GOODS WITH GST COMPONENTX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear experts Section 16[3] of the CGST Act reads as under: (3) Where the registered person has claimed depreciation on the tax component of the cost of capital goods and plant and machinery under the provisions of the Income-tax Act, 1961 (43 of 1961), the input tax credit on the said tax component shall not be allowed. It means, to claim ITC, registered person has to claim depreciation on the val ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ue of the capital goods purchased without including the GST paid . In view of this , what would be implications on Section 17[5][d] in terms of recent judgement of Hon'ble Supreme Court in Safari Retreat case? My understanding is, taxpayers falling under 16[3] cannot claim the benefit of ITC under Section 17[5][d]. There are some such instances claiming both depreciation and ITC without antici ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pating backfire from the department. Your validations plz. - Reply By Sadanand Bulbule - The Reply = Section 2[19] defines as under: (19) capital goods means goods, the value of which is capitalised in the books of account of the person claiming the input tax credit and which are used or intended to be used in the course or furtherance of business; - DEPRECIATION ON CAPITAL GOODS WITH GST COMPONE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... NT - Query Started By: - Sadanand Bulbule Dated:- 26-11-2024 Last Replied Date:- 26-11-2024 Goods and Services Tax - GST - Got 1 Reply - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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