Eligibility and conditions for taking Input Tax credit (Section 16) FAQ

Q 1.Whether capital goods can be considered as inputs? Ans. No. ‘Inputs’ are defined under Section 2(59) of the CGST Act to mean any goods other than capital goods used or intended to be used by a supplier in the course or furtherance of business. ‘Capital goods’ are defined under Section 2(19) of the CGST … Continue reading Eligibility and conditions for taking Input Tax credit (Section 16) FAQ