IF I HAVE PURCHASED A MACHINERY WORTH RS,10,00,000/- ON PURCHASED SGST @ 18% = 1,80,000/- .
JOB WORK DOING ON THAT MACHINERY, I SHALL COLLECT GST @ 18% FROM CONSUMERS. IF I CLAIM INPUT RS.1,80,000/- AND HOW MUCH PERIOD THAT
GST INPUT CLAIM. PLEASE TELL ME
Under GST, you can claim input tax credit on fixed assets in a single transaction. Unlike VAT where we had to claim 50% in a year, under GST you can claim full credit in same return filing period.
However as per provisions you cannot claim depreciation of GST portion in your purchase price.
As Pulkit rightly told, you can claim input credit immediately & utilize it as & when you have the same. There is no restriction of periodicity for utilization of input. It will lie in your credit ledger in gst.
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