Hy all
We are making shed in our factory at 1st floor and we purchase some material for it.
my question is this, can we get input on raw material?
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 24 June 2021
If you hired a contractor, one can claim ITC.
https://cleartax.in/s/gst-cases-where-input-tax-credit-is-unavailable
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 24 June 2021
Further, itc can be claimed on raw materials if you meet this criteria
https://irisgst.com/all-about-input-tax-credit-itc-how-to-claim-input-tax-credit/
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 24 June 2021
Amit
(Accounts )
(528 Points)
Replied 25 June 2021
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 25 June 2021
That is capital expenditure because you will be capitalising it into PPE. One can’t do things out of AS.