hotel cum resturant cum bar
Newly establish
VAT paid on purchse of AC, Kitchen Equipments & Marbels etc
Can we claim input credit on capital goods against food bill
Pradip Shaw & Co (Practice) (227 Points)
30 April 2015hotel cum resturant cum bar
Newly establish
VAT paid on purchse of AC, Kitchen Equipments & Marbels etc
Can we claim input credit on capital goods against food bill
CA Gaurav Gupta
(Business and Management Consultancy)
(69 Points)
Replied 30 April 2015
Dear Mr. Pradeep,
you can claim the ITC(Input Tax Credit) on Capital goods against Vat liablity of Food Bills.
Pradip Shaw & Co
(Practice)
(227 Points)
Replied 30 April 2015
But sir VAT credit on capital goods Rs. 11,52,100.00
Whereas monthly output VAT for March 2015 only Rs. 23500.00 (business start from march 2015)
is there any carry forward limitation ?
CA Gaurav Gupta
(Business and Management Consultancy)
(69 Points)
Replied 30 April 2015
Firstly you can not claim the ITC on capital goods on all the capital goods there is negative list mentioned in the law so please check first whether any of your asset is covered under negative list.
Secondly you cannot claim the whole credit in sigle year (purchase year) it will be bifurcated in more than one year.
Yes you can carry forward the remianing amount there is no limit on carry forward.
Pradip Shaw & Co
(Practice)
(227 Points)
Replied 30 April 2015
Is VAT paid on capital goods such as Marbels, AC, TV, Fridge for hotel set up covered under negative list in West Bengal ?
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
