20 October 2020
Dear Experts, can we avail ITC for construction of spinning mill? We are constructing one spinning mill. will it comes under building account or Plant & Machinery Account?
Explanation for the purpose of Chapter V and Chapter VI of the CGST Act, 2017 states that “plant and machinery” means apparatus,. Equipment, and machinery fixed to earth by foundation or structural support that are used for making outward supply of goods or services or both and includes such foundation and structural supports but excludes-
In spinning mill we are going to fixed the machinery In the earth (Structural support)
Looking forward experts explanation in this regard.
20 October 2020
Thank you for your reply. can we claim the ITC for Building constructed for Spinning unit. will it come plant & Machinery account or Building Account.
CAclubindia
