Can ITC on plant and machinery be utilised in one go? Is it mandatory to split it across 60 installments?

Reply— As per Section 16(1) of CGST Act, ITC can be availed on goods and services which are used in the course of furtherance of business. Since the words ‘goods’ have been used, it implies that goods includes 'Capital goods' and ‘inputs’.  ITC is available on purchase of capital goods in One time unlike in earlier law where input tax credit on capital goods was allowed in two Installment. 

There is no need to split ITC in 60 instalments. It is applicable if the said capital goods is used for exempted and taxable both type of supplies.