Hi
If we purchase a commercial space with 12% GST. and rented to some business.
Can we get ITC and utilize against rental GST when we get along with rent..
As per My view.,
No... ITC not available
6 Replies
sujith kumar dasa
(banglore)
(1496 Points)
Replied 15 February 2018
As per sec 17(5) Input credit of Works Contract services related to immovable property is available only the company in further supply of works contract service. Since you are in renting business you are not eligible for input credit
Kartheek Velamala
(152 Points)
Replied 19 February 2018
So I can't utilize 12% of GST (Input) which is charged on sale of immovable property on rental GST (Output)
Kartheek Velamala
(152 Points)
Replied 19 February 2018
So I (Buyer) can't utilize 12% of GST (Input) which is charged on sale of immovable property with rental GST (Output)
Sangeet Kr Gupta
(Chartered Accountant)
(77 Points)
Replied 13 July 2019
Orissa High Court Case - YES, ITC is available
Matter is decided by this High court in our favour
matter may go to supreme court
but this is a big logic indeed
Ditto Case
Person is a builder
made a Mall
for giving on rent
High court, said ITC allowed, no problems
So... pls see this link
Sangeet Kr Gupta
(Chartered Accountant)
(77 Points)
Replied 13 July 2019
see the KPMG Tax flaash on this same matter
https://www.in.kpmg.com/taxflaashnews/KPMG-Flash-News-Safari-Retreats-Pvt-Ltd.pdf
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