A supplier takes deduction of depreciation on the GST component of the cost of capital goods as per Income-Tax Act, 1961. The supplier can:

CS Executive · Tax Laws · PYQS · June 2024
A supplier takes deduction of depreciation on the GST component of the cost of capital goods as per Income-Tax Act, 1961. The supplier can:
(A) avail only 50% of the said tax component as ITC
(B) not avail ITC on the said tax component
(C) avail 100% ITC of the said tax component
(D) avail only 25% of the said tax component as ITC

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B).

Topics: Goods and Services Tax (GST)

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