ITC two different verticals products one gst registration
This query is : Resolved
24 June 2020
i have textile trading wholesaler Shop in Delhi, I need to pay input gst on inputs @ 5% Now I wish to establish a new business (Repair & Maint. Machinery) also in Delhi in same state Delhi. My concern is that will I be able to get GST ITC adjusted in pay out put tax liability on New Business @18% in supply of other vertical products under one registration in same state.
24 June 2020
You can take the benefit of ITC as long as it reflects in your GSTR2A and it does not fall under the Negative list on ITC benefits under GST which restricts certain items/circumstances to take the benefit of Input Tax Credit.
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