ITC CLAIM IN LIQUOR
This query is : Resolved
26 April 2022
Can restaurants serving liquor claim 100% itc ?
09 May 2022
No they cannot, liqour is a non-taxable supply and is covered under the definition of 'exempt supply' in GST which is in turn referred to in Section 17 which speaks about ITC reversal in the manner specified in Rule 42 & 43. 100% not eligible. Also, other restaurant services is 5% without ITC (other than 18% applicable in hotels with accommodation priced at 7,500 or > per day per unit). Ideally a bar and restaurant would only have to charge GST but would not be eligible for credit.
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
- ITR 2 Short Term gain & Long term gain
- Reporting Income under Section 44ADA
- Itr 1 processing
- Off Market debit and credit transaction
- Building and other construction workers welfare cess act 1996
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR returnFY25-26
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- Form 10BD Filling
- Bank accounts of Non resident
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
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
