Input credit available for fitting extra lift outside

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This query is : Resolved

Rajesh TM (Querist)

13 November 2018 hi

lighting showroom(trading) in rental building, we have godown also in the top floor and we fitted one lift extra for goods movement. please let me know whether ITC available

RAJA P M

RAJA P M (Expert)

13 November 2018 Yes... You can claim ITC if it's rented premises.

Rajesh TM

Rajesh TM (Querist)

13 November 2018 Sir, can we treat this "lift" as furtherance of business as per section 17(5) gst?. we have also purchased tiles, cement , plywood , A/C etc for our upcoming additional showroom in the first floor which is also rented one and all are GST bill. Could you please let me know whether ITC is eligible for this or not. or capitalization only? thanks in advance

RAJA P M

RAJA P M (Expert)

13 November 2018 Actually I confused Your query...

Rented means You are rented in that building or It's Your own...?

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Rajesh TM

Rajesh TM (Querist)

13 November 2018 we are rented in that building

RAJA P M

RAJA P M (Expert)

13 November 2018 Yes... You can avail the ITC benefits if Landlord can't take it his own.

Rajesh TM

Rajesh TM (Querist)

13 November 2018 it our own property and not to landlord. thank you sir for your help.

RAJA P M

RAJA P M (Expert)

13 November 2018 No... ITC not available if the property is Your own and it's under asset head.

Rajesh TM

Rajesh TM (Querist)

13 November 2018 ok sir, if we have addition of showroom say currently we are in ground floor and we are opening one more showroom in the first floor, so for renovation we are purchasing tiles, cement, AC etc , both having only one GST registration. can we take ITC for that cost incurred ?

RAJA P M

RAJA P M (Expert)

13 November 2018 As per section 17(5) of CGST act ITC not available immovable property related except repairs and maintenance...

Rajesh TM

Rajesh TM (Querist)

14 November 2018 thank you sir for your reply

Rajesh TM

Rajesh TM (Querist)

24 November 2018 sir,
we purchased one car for our mg partner in the name of firm. tcs1% is there. could u pls help me how to pass journal entry of tcs1%

RAJA P M

RAJA P M (Expert)

24 November 2018 https://www.caclubindia.com/experts/details.asp?group_id=2701784

RAJA P M

RAJA P M (Expert)

24 November 2018 https://www.caclubindia.com/forum/journal-entry-for-tcs1-on-car-purchase-by-firm-493317.asp

Rajesh TM

Rajesh TM (Querist)

24 November 2018 https://www.caclubindia.com/forum/journal-entry-for-tcs1-on-car-purchase-by-firm-493317.asp

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