If 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.
If 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.
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.
Both Item purchased for trading purpose,
If both are for trading purposes, then ITC is available.
Rgds
CA. Raj Doshi
R C D & Co.
Chartered Accountants
Kandivali West,Mumbai
If purchased for trading purpose than its ok....
If purchased for construction of building(fixed assest) than not allowed
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CAclubindia
