DM Water Tax

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21 Points Joined November 2023
Dear Sir,

we have purchased DM Water for our plant, which is taxable, it's a Producation related expenses whether we can claim it in our input Tax?

please explain.
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On 19 August 2024 at 10:53 Report
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Master in Accounts & high court Advocate
9596 Points Joined December 2011

Generally, yes, you can claim input tax credit (ITC) on DM Water (Dematerialized Water) purchases if they are used for production-related expenses and are taxable. However, it's essential to ensure that the following conditions are met: 1. *Taxable supply*: The DM Water purchase should be a taxable supply, meaning it should be subject to GST (Goods and Services Tax). 2. *Used for production*: The DM Water should be used for production-related activities, such as manufacturing, processing, or generating goods or services. 3. *Documentary evidence*: You should have proper documentary evidence, such as invoices, receipts, and payment vouchers, to support the purchase and use of DM Water. 4. *Compliance with GST laws*: Ensure that you comply with all GST laws and regulations, including registration, returns, and payment of taxes. If these conditions are met, you can claim ITC on the DM Water purchases by following the standard GST ITC claim process. However, it's always recommended to consult with a tax professional or chartered accountant to ensure you meet all the necessary requirements and follow the correct procedures.

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On 19 August 2024 at 14:26
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28161 Points Joined May 2017
DM WATER TAX PLS POST DETAILS
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On 19 August 2024 at 15:08


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