Input tax credit
This query is : Resolved
30 June 2016
Please help me
can u tell me any material used by construction co. for painting, will be treated as consumable or not, and also tell me that they can claim ITC or not?
can u tell me any material used by construction co. for painting, will be treated as consumable or not, and also tell me that they can claim ITC or not?
30 June 2016
Hi,
To claim input credit there should be Input and output correlation, to arrive at final output those goods are necessary, then it would form part of input credit, in your case a construction company should have registered for works contract as painting and other work doesn't form part of construction business, if works contract registration is there then paint can be treated as consumable and input of the same can be taken.
To claim input credit there should be Input and output correlation, to arrive at final output those goods are necessary, then it would form part of input credit, in your case a construction company should have registered for works contract as painting and other work doesn't form part of construction business, if works contract registration is there then paint can be treated as consumable and input of the same can be taken.
30 June 2016
can u plz tell me ITC on bricks can also be avail or not
30 June 2016
yes you can take input for using in construction of flat.
Message likes :
1 times
30 June 2016
thank you such reply
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- Capital gain from sale of house property
- TDS on Purchase of Immovable Property by NRI from NRI
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Value of property in capital gain
- Regarding TDS Applicability For Director Remuneration
- FORM 26A APPLICABILITY
- SFT Cash Deposit in Current Account
- 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
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
