How to differentiate Capital goods with Seized Goods?
What is Capital goods? How does Seized Goods work under GST regime? What are the difference between Capital goods and Seized Goods?
Under GST system, the following information explains about Capital goods and Seized Goods.
As per GST terms, Capital goods means goods, the value of which is capitalized 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. Seized Goods means the proper officer not below the rank of a Joint Commissioner has reasons to believe that a place of business or any other place is to be visited for the purposes of inspection or search or, as the case may be, seizure in accordance with the provisions of section 67, he shall issue an authorization in FORM GST INS-01 authorizing any other officer subordinate to him to conduct the inspection or search or, as the case may be, seizure of goods, documents, books or things liable to confiscation.
The details about Capital goods and Seized Goods with simple language from GST terms have been mentioned in this web blog separately. I suggest you to read these articles on Capital goods and Seized Goods, so as to enable you to have a clear idea on these GST terms.
For your immediate reference, we give below web links on Capital goods and Seized Goods separately below. You may kindly read the below links to know more about Seized Goods and Capital goods.
What is Capital goods under GST
Seized Goods under GST
The above information easily explains about Seized Goods and Capital goods.
We hope, you have satisfied with the difference between Capital goods and Seized Goods explained above. Do you have different thought on difference between Seized Goods and Capital goods?
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