Is Input Tax Credit for Capital Goods permitted under GST in India?

Is Input Tax Credit for Capital Goods permitted under GST in India?

Is Input Tax Credit for Capital Goods permitted under GST in IndiaWhere goods and/or services received by a taxable person are used for the purpose of business and non-business supplies, whether the input tax credit is available to the registered taxable person?

As per section 16(5) of GST Law, the input tax credit of goods and / or service attributable to only supplies effected for business purpose can be taken by registered taxable person. The amount of eligible credit would be calculated in a manner to be prescribed in terms of section 16(7) of the GST Law read with GST ITC Rules (yet to be issued). It is important to note that credit on capital goods also would now be permitted on proportionate basis.

 

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No need to pay GST on sale of Raw silk

Zero rate of GST on purchase of Silkworm laying

No need to pay GST on purchase of Cocoon

Zero rate of GST on sale of Silk waste

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No need to pay GST on purchase or sale of Wool

No need paying GST on sale of Fine or coarse animal hair

No GST on sale of Waste of wool

Nil rate of GST on sale of Waste of fine or coarse animal hair

GST taxable rate on Fabrics of wool or of animal hair business

GST scheduled rate on Yarn of wool or of animal hair

GST rate for ropes, twine, wadding, special yarns, felt etc.

GST on Wadding of textile materials

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GST amount of rate on purchase or sale of Rubber thread and cord, textile covered

Payable GST on Metalised yarn

GST payable rate on Gimped yarn, and strip

GST on Twine, cordage, ropes and cables

GST payable rate on sale or purchase of Knotted netting of twine, cordage or rope, made up fishing nets

GST amount of rate on sale or purchase of Articles of yarn, strip

GST on Embroidery zari articles

Rate of GST for embroidery, special woven fabrics, tufted textile fabrics

GST rate on Ship’s on sale or purchase of Woven pile fabrics and chenille fabrics

GST scheduled rate on sale or purchase of Terry towelling and similar woven terry fabrics

GST scheduled rate on sale or purchase of Gauze, other than narrow fabrics

GST slab rate on Fabrics of manmade staple fibres business.

GST slab rate on Tulles and other net fabrics business

GST slab rate on sale or purchase of Hand-woven tapestries of the type Goblin's, Flanders

GST rate on sale or purchase of Narrow woven fabrics

GST rate on sale or purchase of Labels, badges and similar articles of textile materials

GST scheduled rate on purchase or sale of Braids in the piece, ornamental trimmings in the piece, without embroidery,


Comments


rudra: Dear Sir, Sir We are In a Hiring Business (genset) My Question is may if Take In put Of Newly Purchase Dg Set in Same Month

SITARAM KRISHNA PATIL: We exited /de-bonded from EOU status on 21.08.2015 and duty liability is Rs. 7,01,84,181/- and export obligation is 42,11,05,086/- under 0% duty EPCG scheme . Now we have decided to pay the duty liability by cash after 2 years.We are also ready to pay the applicable interest on the above duty liability. In this matter please let us know whether we can take / avail credit of this amount as Input Tax Credit (ITC) under GST rule 2017 and utilise the same for payment of GST amount for clearance of goods from our factory. Your reply in this matter is requested.

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