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Itc on repair Lift

ashish dharkar (accountant) (140 Points)

18 May 2023

Dear Sir/Madam

Our ware house registered address LIFT repair can we take ITC.

Best Regards
Ashish

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3 Replies

Radhey Shyam Jha (Student) (1616 Points)
Replied 18 May 2023

Yes u can

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Pranjal Gupta (141 Points)
Replied 18 May 2023

Under the Indian GST regime, you can claim Input Tax Credit (ITC) for expenses that are directly related to your business activities, including the repair of the lift in your registered warehouse. However, there are certain conditions that need to be fulfilled in order to claim ITC:

Business Purpose: The lift repair expense should be incurred for business purposes. If your warehouse is used for business activities and you are registered under GST, you should be able to claim ITC for eligible expenses.
Valid Tax Invoice: You must possess a valid tax invoice issued by the supplier for the lift repair. Ensure that the invoice contains the necessary details as prescribed by the GST rules.
Proper Documentation: Maintain proper documentation, including invoices and supporting documents, to substantiate your claim for ITC during tax assessments.
Timely Filing: Your claim for ITC should be reported within the specified time limits and correctly in your GST returns.

It's important to note that there may be specific rules or restrictions regarding certain expenses or industries, and there could be additional conditions or limitations based on the nature of the lift repair. It's advisable to consult with a tax advisor or a professional well-versed in Indian GST regulations to obtain accurate and personalized advice based on your specific situation and the details of the lift repair expense.

For the most up-to-date and accurate information, refer to the official GST website and relevant notifications, circulars, and guidelines issued by the Goods and Services Tax Network (GSTN) and the Central Board of Indirect Taxes and Customs (CBIC).

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