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    • ITR Filing-Businessman
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ITC

CharteredHelp > ITC
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CharteredHelp

CharteredHelp is a team of experienced professionals providing tax, accounting, auditing, and compliance services for businesses and individuals. With over 10+ years of experience, we assist clients with GST registration and filings, income tax returns, company registration, trademark services, accounting, auditing, and handling tax notices. Our focus is on providing practical, reliable, and timely support to help clients stay compliant and grow their businesses with confidence.
ITC on capital goods

ITC on Capital Goods in GST

03/29/2025 No Comments

Understanding ITC on Capital Goods in GST: Rules, Reversal, and Examples The Input Tax Credit (ITC) mechanism is a fundamental part of the Goods and

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GST on Mobile

GST ITC on Purchase of Mobile

09/21/2024 No Comments

Is GST ITC on Purchase of Mobile Phone Available for Indian Small Businesses? The Goods and Services Tax (GST) in India has significantly impacted how

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Income Tax on Sale of Personal Car in India

Income Tax on Sale of Personal Car in India

09/20/2024 No Comments

Introduction In this blog you will know about Income Tax on Sale of Personal Car in India Selling a personal car is common, whether due

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Table of Contents

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  • Understanding ITC on Capital Goods in GST: Rules, Reversal, and Examples
  • What are Capital Goods Under GST?
    • Goods, the value of which is capitalized in the books of accounts of the person claiming the input tax credit and which are used or intended to be used in the course or furtherance of business.ere
  • ITC Eligibility on Capital Goods
  • ITC Reversal on Capital Goods
    • 1. If Used for Both Taxable and Exempt Supplies
      • Formula for Reversal:
    • 2. If Capital Goods are Sold Before 5 Years
      • Example:
    • 3. If ITC Was Wrongly Claimed
    • 4. If Business Shifts to Exempt Supply
  • ITC on capital goods under GST with example
    • Example 1: ITC Allowed
    • Example 2: ITC Reversal Required
    • Example 3: No ITC Allowed
  • Blocked Credits on Capital Goods (Where ITC is Not Allowed)
  • Steps to Claim ITC on Capital Goods
  • Conclusion
    • Need Expert Guidance on GST and ITC Compliance?
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