Capital goods are goods the value of which has been capitalised in the books of account of the person claiming input tax credit and which are used or intended to be used in the course or furtherance of business.
For the purposes of the CGST Act, the supply or acquisition of capital goods in connection with the commencement or closure of a business is deemed to be made in the furtherance of business.
The useful life of any capital goods is considered
To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to Tolley+™ Research or register for a free trial
Web page updated on 17 Mar 2025 16:49