Input tax credit
This query is : Resolved
30 June 2016
Please help me
can u tell me any material used by construction co. for painting, will be treated as consumable or not, and also tell me that they can claim ITC or not?
can u tell me any material used by construction co. for painting, will be treated as consumable or not, and also tell me that they can claim ITC or not?
30 June 2016
Hi,
To claim input credit there should be Input and output correlation, to arrive at final output those goods are necessary, then it would form part of input credit, in your case a construction company should have registered for works contract as painting and other work doesn't form part of construction business, if works contract registration is there then paint can be treated as consumable and input of the same can be taken.
To claim input credit there should be Input and output correlation, to arrive at final output those goods are necessary, then it would form part of input credit, in your case a construction company should have registered for works contract as painting and other work doesn't form part of construction business, if works contract registration is there then paint can be treated as consumable and input of the same can be taken.
30 June 2016
can u plz tell me ITC on bricks can also be avail or not
30 June 2016
yes you can take input for using in construction of flat.
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30 June 2016
thank you such reply
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