Determine the amount of input tax credit available under GST law for Latest Fashions Limited for the month of January, 2025 by giving reasons for…

Computation of input tax credit available for Latest Fashions Limited for the month of January, 2025 Particulars Amount of ITC Available (₹) Capital Goods [ITC is available, only if registered person is in possession of a tax invoice or debit note issued by a supplier.] 80,000 Inputs consisting of 5 equal lots [No ITC is available, because where the goods against an invoice are received in lots or instalments, the registered person shall be entitled to take credit upon receipt of the last lot.] NIL Travel benefits extended to Employees [ITC is available in this case, where it is obligatory for an employer to provide the same to its employees under any law for the time being in force.] 1,10,000 Purchased Machinery for Manufacturing Process [If depreciation on the tax component of the cost of capital goods is claimed under the Income-tax Act 1961, the ITC on the said tax component shall not be allowed] NIL Repair services for factory buildings debited to P&L Account. [ITC is available, since amount of repairs is not capitalized in the cost of the factory and hence not blocked.] 70,000 Total ITC 2,60,000