Kindly clarify whether the crushed stones,pebbles and gravels are considered as capital goods if purchased in bulk by work contractor?
Thanks in advance.
8 Replies
sabyasachi mukherjee
(27682 Points)
Replied 25 May 2022
These are not capital goods , these are basically stock.
Unnati Choubey
(13 Points)
Replied 25 May 2022
Even if purchased in bulk they'll be used for operation therefore to be treated as stock
CA Altamush Zafar
(GST Consultant)
(15983 Points)
Replied 25 May 2022
For you it will be stock since you deal in it. Whereas for your customer it might be capital goods if he is capitalizing the same.
sabyasachi mukherjee
(27682 Points)
Replied 26 May 2022
Items used for daily operations is in the nature of current asset more precisely.
Catherine
(Article)
(141 Points)
Replied 30 May 2022
Can the work contractor claim ITC on these goods in gst?
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 31 May 2022
If these are used for providing taxable services then ITC can be claimed.
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