SET OFF OF INPUT TAX CREDIT
This query is : Resolved
27 August 2022
Dear All
One of a person who is civil engineer have two types of income one from his consultation and other is from works contract service. Can he set off Input tax credit of works contract (like cement, iron, sand) against output tax liability of his professional income (Like planning and supervision etc..)??
Thanks
Nirmal
One of a person who is civil engineer have two types of income one from his consultation and other is from works contract service. Can he set off Input tax credit of works contract (like cement, iron, sand) against output tax liability of his professional income (Like planning and supervision etc..)??
Thanks
Nirmal
27 August 2022
How both the entities are registered under GST? whether separately or single business entity?
27 August 2022
Registered as a Single business entity
27 August 2022
In that case you can claim ITC, but it may not suit for long.
29 August 2022
Thank you for your valuable reply.
29 August 2022
You are welcome ..
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