My client purchased iron for construction of building used for self used to start own business . Can he claim ITC
2 Replies
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(7175 Points)
Replied 03 April 2025
1. *Use in Business*: The goods (iron) must be used in the course or furtherance of business.
2. *Tax Invoice*: The purchase must be supported by a tax invoice.
*Initial Stage*: The building is under construction, and the business has not yet commenced. -
This will enable them to claim ITC on the purchase of iron and other eligible inputs in the future.
sabyasachi mukherjee
(27713 Points)
Replied 05 April 2025
Input tax credit on iron purchased can be utilized if iron used for purchase of business.
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