Gst -two wheeler finance,works contract -applicability???
This query is : Open
11 December 2017
Hi
Please clarify whether GST is applicable if a person is involved in TWO Wheeler Finance business???? He does only finance ..he doesnot buy and sell vehicles. So is GST applicable on Interested collected on finance amount etc???
Can a works contractor claim Input on cement,steel i.e on inputs used for completion of contract???
A business person has made construction of wall for his business premises can he claim input for the materials (cement and steel) used???
Please clarify whether GST is applicable if a person is involved in TWO Wheeler Finance business???? He does only finance ..he doesnot buy and sell vehicles. So is GST applicable on Interested collected on finance amount etc???
Can a works contractor claim Input on cement,steel i.e on inputs used for completion of contract???
A business person has made construction of wall for his business premises can he claim input for the materials (cement and steel) used???
11 December 2017
1 GST not applicable on two wheeler finance.
2 works contractor can claim ITC on steel and cement used.
3 Business person can't claim ITC on wall construction.
2 works contractor can claim ITC on steel and cement used.
3 Business person can't claim ITC on wall construction.
Message likes :
2 times
11 December 2017
Sir
Thank you. As the wall is a capital asset and the premises is own, why cannot he claim it???
Thank you. As the wall is a capital asset and the premises is own, why cannot he claim it???
11 December 2017
You are right that was the rule required modification.
Message likes :
1 times
11 December 2017
7. Constructing an immovable property on own account
No ITC is available for goods/services for construction of an immovable property on his own account. Even if such goods/services are used in the course or furtherance of business, ITC will not be available.
But this rule does not apply to plant or machinery. ITC is available on inputs used to manufacture plant and machinery for own use.
Example-
Ajay Steel Industries constructs an office building for its headquarters. ITC will not be available.
Ajay Steel Industries also constructs a blast furnace to manufacture steel. ITC is available since it is a plant.
Message likes :
2 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
- Reopen of assessment proceeding
- Is any professional CA is here please reply
- EPF FULL & FINAL RULES IN 2026
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Experts need help
- Putting a heading on received mail
- Rental income gst and it purpose
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
