As per section 16(15) of the MGL, in case of supply of capital goods on which input tax credit has been taken, the registered taxable person shall pay an amount equal to the input tax credit taken on the said capital goods reduced by the percentage points as may be specified in this behalf or the tax on the transaction value of such capital goods, whichever is higher.
Articles in this section
- What is input tax?
- What is the implication of different definition of “input tax” in three acts viz CGST, SGST and IGST Acts?
- Can GST paid on reverse charge be considered as input tax?
- Does input tax includes tax (CGST/ IGST/SGST) paid on input goods, input services and/ or capital goods?
- What is the ITC entitlement of a person who has been granted registration under Section 16(2)?
- A person is eligible for input tax credit on inputs held in stock within how many days
- What is the eligibility of input tax credit on inputs in stock for a person who obtains voluntary registration?
- Where goods and/or services received by a taxable person are used for effecting both taxable and non-taxable supplies, whether the input tax credit is available to the registered taxable person?
- Where goods and/or services received by a taxable person are used for the purpose of business and non-business supplies, whether the input tax credit is available to the registered taxable person?
- What would be input tax eligibility in cases where there is a change in the constitution of a registered taxable person?