Availment of Both GST ITC and Depreciation on Capital Goods: Here’s How to Draft Reply to GST Notice

The article offers a detailed guide on drafting replies to GST notices concerning the simultaneous availment of GST Input Tax Credit (ITC) and depreciation on capital goods. It explains how taxpayers can address such notices by citing relevant sections of the GST law. While taxpayers can claim ITC, they cannot claim depreciation on the tax component of capital goods. The guide outlines the key points to include in the response, such as providing proper accounting records and showing compliance with GST provisions. This information is crucial for businesses to avoid legal complications and ensure compliance with GST regulations.