INPUT CREDIT ON LIFT/ELEVATOR INSTALLED IN BAKERY SHOP

P MURUGAN (ACCOUNTANT) (186 Points)

31 May 2019

SIR, CAN WE TAKE ITC ON LIFT INSTALLED IN OUR BAKERY SHOP? please give your valuable reply.

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5 Replies

CA Altamush Zafar (GST Consultant) (15971 Points)
Replied 31 May 2019

No credit not available

CA Haritha Komma (Chartered Accountant) (1147 Points)
Replied 31 May 2019

To which account it is capitalized? - Building etc..

Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 01 June 2019

If its used for carry Goods purpose , only then ITC is available.

P MURUGAN (ACCOUNTANT) (186 Points)
Replied 03 June 2019

but Is actually lift installed is connected with land and building ? so section 17(5) applicable to this transaction.

Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 04 June 2019

dear ,

as i replied , if its being used in carrying goods, it can capitalised as machinery , & as per section 17(5) , the itc can be claim on machinery

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