lalit sangani (5 Points)
01 January 2024If one registered firm buying Tmt Bar and getting GST credit on it and another product selling like cotton, so my question is credit input of TMT bar can be use in Cotton or other commodity item like Ginger, Eliachi etc.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 01 January 2024
lalit sangani
(5 Points)
Replied 01 January 2024
date - 05/12/2023
purchase TMT Bar - Rs. 100000
ITC on TMT bar 18% - 18000
date - 06/12/2023
Sale Cotton - Rs. 200000 (Previous stock available)
Output GST 5% - 10000
Total ITC available 18000 in current period which is received from purchase of TMT bar, and output liability is10000 which is sale from cotton, here two different item available, so my question is that can I use ITC of one goods for other goods output liability.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 01 January 2024
jacinthamary
(accountant)
(874 Points)
Replied 01 January 2024
CA Raj Doshi
(Practising CA)
(8924 Points)
Replied 01 January 2024
If both are for trading purposes, then ITC is available.
Rgds
CA. Raj Doshi
R C D & Co.
Chartered Accountants
Kandivali West,Mumbai
Amit Kumar
(Tax Professional )
(112 Points)
Replied 02 January 2024
Suresh Kumar
(Account)
(403 Points)
Replied 02 January 2024
If purchased for trading purpose than its ok....
If purchased for construction of building(fixed assest) than not allowed
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 02 January 2024
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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