Itc on material purchased

ABHI KUMAR (710 Points)

25 June 2022

we constructed our shop can we claim itc on material purchased.
thanks in advance

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7 Replies

Rajendra Prasad (Employee Private) (1867 Points)
Replied 25 June 2022

No, the said ITC is not eligible to avail.

1 Like

Kallol Sarkar (Accountant) (188 Points)
Replied 25 June 2022

Yes. ITC on fixed asset purchase or its further development is allowed provided you won't charge depreciation on GST amount of purchase bill.

1 Like

CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 25 June 2022

No, ITC on construction is blocked u/s 17(5)

2 Like

ABHI KUMAR (710 Points)
Replied 25 June 2022

Thanks all experts

1 Like

Piyush Sankhala (4 Points)
Replied 26 June 2022

No as per 17(5)

CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 26 June 2022

Welcome..... Dear.......

Kallol Sarkar (Accountant) (188 Points)
Replied 27 June 2022

ITC is barred u/s 17(5) (c) & (d)

You are right.

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