30 June 2016
Please help me can u tell me any material used by construction co. for painting, will be treated as consumable or not, and also tell me that they can claim ITC or not?
30 June 2016
Hi, To claim input credit there should be Input and output correlation, to arrive at final output those goods are necessary, then it would form part of input credit, in your case a construction company should have registered for works contract as painting and other work doesn't form part of construction business, if works contract registration is there then paint can be treated as consumable and input of the same can be taken.
CAclubindia
