TEXTILE FIRM RENEWED,ALL EXPENSES LIKE INTERIOR DECORATION,TILES,AC,PAINT, ALL THESE GET GST INVOICES ,CAN I CLAIM THOSE ITC??
3 Replies
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 16 September 2020
If this expense is capitalised in books of account, than ITC not available, if it's expensesd out as like repair and maintenance, than ITC can be taken on this. Whether to capitalise or not is depends upon a materiality of amount ect and other factors..
Kuldeep Malik
(137 Points)
Replied 16 September 2020
Itc can not be claimed as it comes under the work contrct of immovable property which is blocked under GST
Shivam RC
(Student)
(23683 Points)
Replied 17 September 2020
If the amount is shown as a Revenue Expenditure and accordingly debited to P&L, then ITC is available.
But if it is capitalised, then no ITC.
But if it is capitalised, then no ITC.
Recent Topics
- CHG1 on MCA PORTAL and CA certificate u/s. 281 of
- Https://www.facebook.com/elitegrowxlmaleenhancemen
- Carry forward losses from old regime to new regime
- GSTR -1A
- Surcharge on TDS on sale of property by NRI
- Material not movement
- GST 3B -Input tax credit
- Rules for assessing revised return.
- ESIC and EPF
- Gain u/s 54F
Related Threads
Trending Online Classes
-
Certification Course on GSTR-3B Reconciliation with GSTR-2B through Chat GPT
CA Deepak Gupta26 April 2025
CAclubindia
