sir
we are tmt bar manufacturing unit, we used our own tmt bars for construction of building.
my doubt is, we want to reverse the ITC under RCM.
pls clarify.
9 Replies
prasad Nilugal
(3914 Points)
Replied 13 July 2021
Input tax credit not available for material used for construction of factory building for his own account , It's block credit under section 17 (5) of the CGST act 2017 .if you have taken then you have to reverse it with interest .
Imthias ahamed Kormath
(910 Points)
Replied 13 July 2021
If it taken by u from old stock,Itc b reversed with interest.
Ramesh Rao
(217 Points)
Replied 13 July 2021
Sir, I didn't take ITC, I am asking if we used own tmt bars for construction purpose of own building, what would be GST on used tmt bars
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 13 July 2021
GST rate same as applicable for normal supplies
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 14 July 2021
No..... there is no RCM .
If the unit are in same state , the said Raw material can be transferred under delivery challan (it's part of process of manufacturing). , But if the units are in 2 different state then raw material need to transfer only by issuing Tax Invoice & is taxable.
If the unit are in same state , the said Raw material can be transferred under delivery challan (it's part of process of manufacturing). , But if the units are in 2 different state then raw material need to transfer only by issuing Tax Invoice & is taxable.
Balamurali Unnithan MS
(STUDENT)
(1631 Points)
Replied 14 July 2021
Sir,
It's a movable property - You can claim input - Even if for building construction.
It's a movable property - You can claim input - Even if for building construction.
Imthias ahamed Kormath
(910 Points)
Replied 14 July 2021
This building not related with manufacturing unit.
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