Can we avail ITC for Construction of spinning unit
This query is : Resolved
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.
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
Yes, The ITC will be available on the machinery used for spinning even though it is fixed to earth with structural support.
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.
20 October 2020
No,not on building construction.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting our of sec 44AD
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Value of property in capital gain
- LC charges in relation to Asset purchased should be Capitalised ?
- Copyright software
- Regarding TDS Applicability For Director Remuneration
- Regarding appeal to GSTAT
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Multiple trade mark
- Transporter Declaration form
- Form 121 & TDS deduction
- Taxation on Swing Trading Income (No Other Income)
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
