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How do I claim my laptop on ITC?
To claim input credit under GST, you have to receive a tax invoice or debit note from the laptop supplier who is GST regitered. credit will be available against the tax invoice upon receipt of total laptops. Input credit is ONLY allowed if your supplier has paid all the tax he collected from you.
Can I claim ITC on computer?
Yes, it can claim ITC on the computers provided they are used by the Company for business. Once a GST Registration is obtained, all the GST paid for input goods and services can be claimed as Input Tax Credit. The GST charged on purchase of computers shall fall under Capital goods.
How do I claim ITC?
To claim ITC, the buyer should pay the supplier for the supplies received (inclusive of tax) within 180 days from the date of issuing the invoice. If the buyer fails to do so, the amount of credit they would have availed, will be added to their output tax liability.
How much GST can I claim on my laptop?
The GST Council determines the GST rates, and the current GST rate on laptops is 18\%. VAT was imposed on the laptops in the pre-GST era at a rate of 14-15\% which was different for different states….GST effect on Laptops.
| Types of Equipment | GST Rate |
|---|---|
| Pen drive | 18\% |
| External Hard Drive | 18\% |
| Optical Drives | 18\% |
| Hard Drive | 18\% |
Can we claim ITC on office furniture?
The Karnataka Authority of Advance Ruling (AAR) ruled the Input Tax Credit (ITC) can be availed on equipment, furniture, reagents/consumables used for performing tests. They are into supply of various reagents/ medical consumables (goods) in addition to provision of diagnostic services.
Is computer a capital goods under GST?
Even when the goods such as computer/ UPS/ office furniture tables is not capitalized in books, the input tax credit of same may still be availed by treating it as inputs, provided it is used in course of business of making taxable supplies.
Can I claim GST on mobile phone?
GST is applicable on all mobile phones whether it is a smartphone or a feature phone, without exemption.
How do I claim my ITC refund?
Step 1: Login to the GST portal, go to ‘Services’ > ‘Refunds’ > ‘Application for Refund’. Step 2: Select the refund type and choose whether or not to file NIL refund application. Select the refund type as ‘Refund on account of ITC accumulated due to inverted tax structure’.
What is the tax on computer parts in India?
Computer parts have been kept under the 28\% slab of the GST exemption list. this means a total tax of 28\% (14\% CGST + 14\% SGST) would incur on any computer parts purchased. Till date (before GST) the tax to incur on these item would range from 15–20\% same as that of Computers (Laptops/Desktops).
Can a company claim input tax credit (ITC) on computers?
Yes, it can claim ITC on the computers provided they are used by the Company for business. Once a GST Registration is obtained, all the GST paid for input goods and services can be claimed as Input Tax Credit.
Can I claim ITC on computer under GST?
Since computer is an administrative supply which is not directly linked to either manufacture or trading, itc on the same cannot be claimed. Yes, under gst regime one can claim the itc of the gst paid by him on all good and services which are used of intended to be used in the course it’s furtherance of his business.
Can I get ITC on a computer purchased from a dealer?
If a Computer is purchased from Regular dealer which is registered under GST as Regular taxpayer or Normal taxpayer. (Not able to get ITC on Computer purchased from dealer registered under composition scheme) 4). The payment of invoice should be made within 180 days if it is purchased on credit.
When is ITC required to be reversed on a laptop?
Thus kindly ensure that the all EMIs have been paid before 180 days from the date of invoice. If payment has not been made within 180 days, such ITC is required to be reversed. Similarly, if the laptop has been used for partly for the purpose of business and partly for personal purposes, then proportionate ITC is required to be reversed.
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