Check sibling questions
Right now we have studied that
ITC is available not only of Purchases 
but actually it is available of different expenses and fixed assets also
 
There are 3 types of ITC
  1. Inputs  
  2. Capital Goods
  3. Input Service

 

Different Type of Input Tax Credit.jpg

What are Inputs
Tax on goods Purchased is called Inputs
These goods  may be for 
Purchase of goods for sale by Shopkeeper ) 
or 
Purchased for Use (Example -Stationary)
 
 
What are Capital Goods
It means those goods which are capitalized in books (treated as Fixed assets)
These are intended to be used for more than 1 Year
Example -Machine, Computer
 
 
What are Input Services
It means Purchase of Various services like telephone ,internet etc
 
Whether Expenses on Fixed Assets always Capital.png.jpg
 

Question

A Company made following expenses

Purchase of Goods 40000+2000 GST

Laptop Purchased 50000+6000 GST  

Office files Purchased 2000+1000 GST

Audit Fees =50000+9000 GST

Sale of Goods= 100000+5000 GST

What is ITC of Inputs, Capital Goods and Input Services

View Answer

 


Transcript

Different Types of Input Tax Credit Output GST Less ITC Inputs Capital Goods Input Services Goods Purchased Fixed Assets Purchased Services Purchased GST payable GST Credit or Tax on Purchases,Expenses and Fixed Assets.it is of 3 types teachoo.com

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Davneet Singh is a graduate from Indian Institute of Technology, Kanpur. He has been teaching from the past 12 years. He provides courses for Maths and Science at Teachoo.