How much ITC available for us
This query is : Resolved
26 September 2020
Respected sirs,
We are 504 APARTMENT COMPLEX.
Total Flats - 504
Total area 785419 Sq ft
Monthly collection from ALL the members = 3063134 Rs
out of which 45 Flats are above the LIMIT OF 7500 rS
45 FLATS WHOSE AREA IS 94634 Sqft & they pay 369073 Rs. 12.05 % of the total collections.
This 45 residents pay 66433 Rs as GST .per month.
We buy GST PURCHASES of 10 lak a month( & ~1.8 lac of GST a month in this out go.
QUESTION = HOW MUCH OF ITC can be availed from this 66433 Rs .
Thanking you,
Rama
Respected sirs,
We are 504 APARTMENT COMPLEX.
Total Flats - 504
Total area 785419 Sq ft
Monthly collection from ALL the members = 3063134 Rs
out of which 45 Flats are above the LIMIT OF 7500 rS
45 FLATS WHOSE AREA IS 94634 Sqft & they pay 369073 Rs. 12.05 % of the total collections.
This 45 residents pay 66433 Rs as GST .per month.
We buy GST PURCHASES of 10 lak a month( & ~1.8 lac of GST a month in this out go.
QUESTION = HOW MUCH OF ITC can be availed from this 66433 Rs .
Thanking you,
Rama
26 September 2020
Assuming that the purchases of Rs.10,00,000/- are for common purpose, you will be allowed to use Rs.21,690/- of ITC i.e. 12.05% of Rs.1,80,000/- (Rule 42 and section 18).
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26 September 2020
tHANK YOU, tHANK YOU VERY MUCH SIR.
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