Goods and Services Tax – GST – By: – Pradeep Jain – Dated:- 22-12-2016 – DAILY DOSE OF GST UPDATE BY CA PRADEEP JAIN DEFINITION OF CAPITAL GOODS UNDER REVISED GST LAW:- 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 are used or intended to be used in the course or furtherance of business. 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 sp
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situations:- The provisions regarding payment of amount on supply of used capital goods will not apply for such goods. In case of supply of capital goods or plant and machinery 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 or plant and machinery reduced by percentage points as prescribed or transaction value of capital goods whichever is higher. There is different time period specified for job work of inputs and capital goods. In case of job work of inputs, the time limit for receipt of goods by the principal is specified as one year while in case of job work of capital goods, the time limit for receipt of capital goods by the princi
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