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Last Updated On 19-Aug-2023
Tax-GST

Gst exemption on purchasing of a new machine

Iam planning to start a msme startup, fornthan o have to purchase a machines, with the cost of machine 18% of gst is laying, is it 18% gst on purchase of machine can be exempt? If then how i have to perform and need steps. Kindly help out. The purchasing machine will be on cash borrowed money from family and friends not from any financial institutions

( Shimoga, Karnataka )

18-Aug-2023

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A.
Dear client,
When you acquire something, you must pay GST on it. You can later receive an input tax credit for the GST paid on your purchases. Similarly, if you buy machinery for your factory, you must pay the corresponding GST rate. If your State or Central Government issues such circulars, the GST paid can be claimed as a credit in the same way as inputs.
Posted On 19-Aug-2023
Vidhikarya
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A.
Dear Sir,
When you purchase anything, you are required to pay GST on it. Later, you can claim input tax credit on the GST paid on your purchases. Similarly, when you are purchasing any machinery for your factory, you will pay the applicable GST rate. This GST paid can be claimed as credit in the same way as inputs, if any such circulars are issued by your State Government or Central Govt.
Posted On 19-Aug-2023
Kishan Dutt Kalaskar
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