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Input credit should be taken or not

ABHIJIT MANNA (ACCOUNTANT) (447 Points)

16 July 2021

I have a constructions firm, I have started my business. so there was no output, may be in future. May I take input from right now?

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5 Replies

CMA Poornima Madhava (CMA) (13112 Points)
Replied 16 July 2021

Yes, you may avail ITC (unless ineligible) and utilize the same as and when you have output liability.

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ABHIJIT MANNA (ACCOUNTANT) (447 Points)
Replied 16 July 2021

But if I goes 5% gst rate in construction area where input are not eligible, what to do then?

CA Altamush Zafar (GST Consultant) (15961 Points)
Replied 16 July 2021

If you are constructing residential apartments then no ITC available.
For detailed query you can mail me.

Pankaj Rawat (GST Practitioner) (55047 Points)
Replied 16 July 2021

If you are builder or promotor then ITC is not available to you .

Balamurali Unnithan MS (STUDENT) (1631 Points)
Replied 17 July 2021

For Doing -Construction as a business -ITC Available.

For movable & immovable properties.

For taking credit, 1st you obtain registration.

Exception for the same means not treated as supply.

1 . Labour Contract Only -Residential Buildings, Not Flats or Commercial Buildings.

2.Prime Ministers Avas Yojana -All Works.

3.Electricity Board -Works to Agriculturust.