Itc on gst on rent of land and building
This query is : Resolved
28 June 2019
Sir,
We have given our factory on lease at Rs 3 lac pm in which Rs 2 Lac is for rent on land and building and Rs 1 Lac is for rent on plant and machinery. We receive Rs 54000 as GST (36000 +18000).
Question-
As we make new addition of machinery ,can we claim ITC on GST paid on new machine against GST paid on L&B or only GST of P&M can be adjusted ??
We have given our factory on lease at Rs 3 lac pm in which Rs 2 Lac is for rent on land and building and Rs 1 Lac is for rent on plant and machinery. We receive Rs 54000 as GST (36000 +18000).
Question-
As we make new addition of machinery ,can we claim ITC on GST paid on new machine against GST paid on L&B or only GST of P&M can be adjusted ??
28 June 2019
There need not be any one to one matching for setting of ITC with the GST liability. The ITC availed on machinery can be used to pay liability of GST on L&B as well.
28 June 2019
Sir As we buy a machine for 2 Lac where we pay GST Rs 36000.Can we set off it against payment on GST of rent on L& B as well as rent on P&M as the mqchine have no relqtion with L&B
01 July 2019
Yes it can be set off.
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