ITC on fixed assets
shabaz a (47 Points)
14 June 2019like any moveable and immovable.
Nikhil Bhatia
(Article)
(309 Points)
Replied 14 June 2019
Aditi
(Articles)
(169 Points)
Replied 14 June 2019
For few things like Motor Vehicles with capacity less than 13 seats and any expenditure towards building construction, ITC cannot be claimed.
Twinkle Kihhan
(64 Points)
Replied 14 June 2019
stapler
(bus)
(282 Points)
Replied 15 June 2019
@ Twinke Kihhan, this means that if an old factory shed is repaired, and expenses on GC Sheets, Pipes, Angles, Channels etc. are not capitalized, but booked as expense in P&L Account under the head of building repairs, then ITC will be available. Is it correct, or are there any restrictions under the GST law? Please confirm. Thanks.
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