medium10 pts · first answer countsgstinput-tax-credit

ITC and depreciation on the same GST

A company buys a machine and wants to claim depreciation for income tax on the full cost including GST, and also claim the same GST as input tax credit. Is this allowed?

A.Yes, both can be claimedB.No; if depreciation is claimed on the GST component, input tax credit on that GST is not allowedC.Yes, but only for imported machinesD.Only if the machine is bought on credit

Discussion 0

Join free to post in the discussion.

ITC and depreciation on the same GST

Discussion 0

Related questions