ultimate-addons-for-gutenberg
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action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home3/a1636wpq/public_html/taxclick.org/wp-includes/functions.php on line 6114The definition of capital goods has undergone a substantial change in the revised GST Law. The definition of capital goods under revised GST Law is given under section 2(19) which states that capital goods means goods, the value of which is capitalised in the books of accounts of the person claiming the credit and which are used or intended to be used in the course or furtherance of business.<\/span><\/p>\n As contrast to the above definition, the definition of capital goods under earlier GST law was similar to that given under Cenvat Credit Rules, 2004. The earlier definition was very specific as compared to the present definition which has a very wide scope. As seamless credit is proposed under GST regime, the definition given under revised law is appreciated and welcomed. According to the revised GST Law, goods that are capitalised in the books of accounts will be considered as capital goods. This will have the effect that certain goods will be considered as inputs even when they are used with capital goods if the said goods are not capitalised in the books of accounts. Although, there will be less impact as except for pipelines and telecommunication towers, full credit is available for all goods including capital goods. However, goods that are used with capital goods but are not capitalised will have effect in following situations:-<\/span><\/p>\n It appears that the credit availment on capital goods is dependant on the accounting treatment done by assessee. If the goods are not capitalized, the credit will be available as inputs and provisions pertaining to inputs will apply. However, non-capitalisation of goods in books of accounts will also lead to loss of claim of depreciation by the assessee.<\/span><\/p>\n Visit us at www.capradeepjain.com<\/a><\/span><\/p>\n https:\/\/www.facebook.com\/GSTTODAYBYPRADEEPJAIN<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":" The definition of capital goods has undergone a substantial change in the revised GST Law. The definition of capital goods under revised GST Law is given under section 2(19) which states that capital goods means goods, the value of which is capitalised in the books of accounts of the person claiming the credit and which … Read more<\/a><\/p>\n","protected":false},"author":17,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[15],"tags":[452,217,425],"class_list":["post-3724","post","type-post","status-publish","format-standard","hentry","category-gst","tag-capital-goods","tag-gst","tag-gst-law"],"yoast_head":"\n\n