Itc on works contract
This query is : Resolved
Swapan Maulik
(Querist)
02 November 2018
What is the impact of ITC on Works Contract at Present.I heard that previously No ITC was availible for procuring material for construction. Have any change made in this matter from October 2018
CA R SEETHARAMAN
(Expert)
02 November 2018
ITC is available on works contract for materials procured for construction by contractor at any time.
CA Suresh Jain
(Expert)
03 November 2018
In addition to the above, ITC is also available on works contract i.e. "goods or services or both received by a taxable person for construction of an immovable property (other than plant and machinery) on his own account, including when such goods or services or both are used in the course or furtherance of business" to the extent not capitalised.
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
- GSTR9 Annual Return
- Reward for festival
- Ito add credit side of bank
- Employee secondment
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- Capital gain on commercial property and investment in residential property
- LLP audit and disclosure
- Rent agreement of House of deceased person
- RCM and same line
- TDS Return Statement Status
- ARCA LOGIN
- Appointment of Auditor By Form ADT-1
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- 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
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
