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Input Tax Credit on Capital Goods

By Puniya|2021-11-11T06:47:24+00:00October 10th, 2021|Categories: General|Tags: capital assets, capital gains, Capital good, Capital Goods, goods & services tax, gst, GST return, Input Tax, Input Tax Credit, Input Tax Credit on Capital Goods|

The goods and service tax (GST) introduced a new concept of Input Tax Credit capital goods which is similar to that of VAT but with an important difference that the former will allow a set-off only on output rather than on both import and exports as in case of VAT. This would bring an inconsistency between [...]