Input claim
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 August 2018
I wanted to know since if i dont want to claim itc for a fixed asset purchased, i just want to claim depreciation, should i not show it in gstr3b then
13 August 2018
Kindly read negative list of ITC..
Constructing an immovable property on own account
No ITC is available for goods/services for construction of an immovable property on his own account. Even if such goods/services are used in the course or furtherance of business, ITC will not be available.
But this rule does not apply to plant or machinery. ITC is available on inputs used to manufacture plant and machinery for own use.
Example-
• Ajay Steel Industries constructs an office building for its headquarters. ITC will not be available.
• Ajay Steel Industries also constructs a blast furnace to manufacture steel. ITC is available since it is a plant.
Constructing an immovable property on own account
No ITC is available for goods/services for construction of an immovable property on his own account. Even if such goods/services are used in the course or furtherance of business, ITC will not be available.
But this rule does not apply to plant or machinery. ITC is available on inputs used to manufacture plant and machinery for own use.
Example-
• Ajay Steel Industries constructs an office building for its headquarters. ITC will not be available.
• Ajay Steel Industries also constructs a blast furnace to manufacture steel. ITC is available since it is a plant.
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