Assets reg

dear sir

can we take input tax for all assets, if exception kindly mention sir
Replies (2)
Quick Summary
This discussion clarifies the rules around claiming input tax credit for business assets. It explains the concept of input tax credit as a reduction of tax paid on inputs from tax due on outputs. The main question is whether input tax credit can be claimed on all assets, with a specific query about the eligibility of building construction bills.

What is input tax credit? Input credit means at the time of paying tax on output, you can reduce the tax you have already paid on inputs and pay the balance amount. When you buy a product/service from a registered dealer you pay taxes on the purchase.

Why building constructing bills not availed input

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