NAGA (ACCOUNTANT) (515 Points)
11 April 2019We have rented a building for principle place of business purpose.
Later we purchased material like- furniture, electrical equipment etc. for renovation and modifications of the renting building.
Can we claim ITC for that?
Jitesh Sinha
(other)
(280 Points)
Replied 11 April 2019
ITC can be availed if the amount is not capitalized for depreciation benefit.
kajol
(Executive)
(201 Points)
Replied 11 April 2019
Input Tax Credit can be availed by a registered person only if all the applicable particulars as prescribed in the Invoice Rules are mentioned in the Invoice. The GST paid under the Reverse Charge Mechanism can also be claimed as Input Tax Credit. The Input Tax Credit is also allowed on GST paid on Capital Goods.
CAclubindia
