Itc

This query is : Resolved

RAJESH (Querist)
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12 July 2018 my uncle has saree business and sitiching business. now he was purchasing a capital asset. Can he get ITC credit on capital asset or not.

Udaya Chandran

Udaya Chandran (Expert)
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13 July 2018 ITC is available if the outward taxable services provided using such asset.

RAJESH

RAJESH (Querist)
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13 July 2018 If he is a registered composition dealer then he can claim ITC

Udaya Chandran

Udaya Chandran (Expert)
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13 July 2018 A composition dealer can't claim ITC.

RAJESH

RAJESH (Querist)
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13 July 2018 Can he convert into Regular scheme and then he can claim ITC credit.
Or is there any solution to claim Itc, because the it's amount is 2lac

Udaya Chandran

Udaya Chandran (Expert)
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13 July 2018 If he converts himself to be a regular tax payer, he can take ITC.