Raw materials are not considered capital goods under GST. They are considered inputs and are subject to GST at the applicable rate.

The rate of GST applicable on capital goods is 18%.

ITC can be claimed on capital goods, irrespective of their use.

ITC on capital goods can be claimed within 1 year from the date of invoice.

Invoice is the only document required to claim ITC on capital goods.

The depreciation rate for capital goods under GST is 15%.

Office furniture is not a capital good eligible for accelerated depreciation under GST.

The rate of accelerated depreciation for capital goods under GST is 30%.

Accelerated depreciation on capital goods under GST can be claimed within 2 years from the date of acquisition.

The condition that the capital goods must be acquired before 31st March 2020 is not applicable for claiming accelerated depreciation on capital goods under GST.

The penalty for not paying GST on capital goods is 10% of the tax amount.

The interest rate applicable on the penalty for not paying GST on capital goods is 18%.

The time limit for filing a refund claim for GST paid on capital goods is 2 years from the date of payment of tax.

Invoice is the only document required to be submitted along with a refund claim for GST paid on capital goods.

The penalty for filing a false refund claim for GST paid on capital goods is 20% of the refund amount.