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***Capital Goods***

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Article
141 Points Joined June 2021
Kindly clarify whether the crushed stones,pebbles and gravels are considered as capital goods if purchased in bulk by work contractor?
Thanks in advance.
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On 25 May 2022 at 14:34 Report
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Profession Business
28196 Points Joined May 2017
These are not capital goods , these are basically stock.
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On 25 May 2022 at 15:25
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13 Points Joined May 2022
Even if purchased in bulk they'll be used for operation therefore to be treated as stock
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On 25 May 2022 at 17:06
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915 Points Joined July 2017
It is only an asset of ur firm.
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On 25 May 2022 at 19:46
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GST Consultant
15986 Points Joined March 2013

For you it will be stock since you deal in it. Whereas for your customer it might be capital goods if he is capitalizing the same.

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On 25 May 2022 at 22:15
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Profession Business
28196 Points Joined May 2017
Items used for daily operations is in the nature of current asset more precisely.
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On 26 May 2022 at 07:48
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CFO- at NHTF
58280 Points Joined August 2012
Is it for resale or for use ?
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On 26 May 2022 at 18:28
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Article
141 Points Joined June 2021
Can the work contractor claim ITC on these goods in gst?
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On 30 May 2022 at 10:56
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CFO- at NHTF
58280 Points Joined August 2012
If these are used for providing taxable services then ITC can be claimed.
1 Reply
On 31 May 2022 at 06:40

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