Claim ITC on Capital Goods under GST | Computing Common credits under GST | ITC Reversal | Rule 43

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Watch the video to know what is capital goods under GST, conditions to claim input tax credit on capital goods, treatment of ITC on sale of capital goods, how to identify common credits and reduce the portion of ITC attributable to exempt supplies and personal use.

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Is zero rated supplies are eligible to take ITC Even if goods are exempted from GST. So I'm a exporter of exempted goods. I plan to purchase the new machine to our business. So shall I take ITC of Capital Goods?
According to Sec 16(2) of igst act, Credit of input tax may be availed for making zero-rated supplies, even if such supply is an exempt supply ITC allowed on zero-rated supplies. What can i do? Please help me???

selvaganapathy

We purchase machinery for 1 cr including 18% gst so now we have input credit but our raw material is at 18% and finished product is 12%. So now we are in inverted duty tax structure
So in that case how do i get the gst refund on capital goods?

karanrathi

Dear sir

Please clear my query

Query- suppose PNB Bank purchase one machine/furniture For Rs

Supplier charged 18000 IGST

WHAT WILL BE THE JOURNAL ENTRY ???

As per my thinking

Fixed assets A/C। 109000
Ineligible GST 9000

TO SUPPLIER। 118000

SaurabhSingh-cqoz

We purchase machinery for 1 cr including 18% gst so now we have input credit but our raw material is at 18% and finished product is 12%. So now we are in inverted duty tax structure
So in that case how do i get the gst refund on capital goods?

karanrathi

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