Claim of Input

This query is : Resolved 
Quick Summary
A partnership firm involved in bakery manufacturing, currently paying 18% GST on sales, is expanding its business. They have purchased various plant, machinery, and kitchen equipment for this expansion. The question is whether they are eligible to claim the Input GST paid on these purchases. The consensus is yes, as these assets are being acquired for business purposes, making the Input Tax Credit (ITC) claimable.

Profile Image

Profile Image

(Querist)
17 May 2022 Dear Members
A partnership firm is engaged in manufacturing, of various bakery items, 18 % GST is paid on all the sales. The firm is presently doing expansion of business, hence they have purchased various types of plant and machinery, Kitchen Equipment etc. Is the firm eligible to claim the Input GST, plese clarify.

R S Sai Kumar
Profile Image

CA Rashmi Gandhi

Profile Image

CA Rashmi Gandhi (Expert)
17 May 2022 Yes you can claim ITC as the assets are used for business purpose.
Profile Image

Ram Avtar Singh

Profile Image

Ram Avtar Singh (Expert)
18 May 2022 for business purposes, any purchase of fixed assets is available for input GST claim. so you can claim it.
Profile Image

R S Sai Kumar

Profile Image

R S Sai Kumar (Querist)
19 May 2022 Thanks for the prompt response.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now



Similar Resolved Queries


loading


Unanswered Queries


Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Pro Member vinayvinayPro Member Chnmaya parhiChnmaya parhiPro Member Sabareesan S VenkateshSabareesan S VenkateshPro Member Lalan Kumar JhaLalan Kumar JhaPro Member ACCFIN SOLUTIONSACCFIN SOLUTIONS
Subscribe to Pro
Join an elite circle of professionals



Answer Query



Quick Links



Browse by Category