TEXTILE FIRM RENEWED,ALL EXPENSES LIKE INTERIOR DECORATION,TILES,AC,PAINT, ALL THESE GET GST INVOICES ,CAN I CLAIM THOSE ITC??
Menu
CAN I CLAIM ITC ON REWORKING OF FIRM
Replies (3)
If this expense is capitalised in books of account, than ITC not available, if it's expensesd out as like repair and maintenance, than ITC can be taken on this. Whether to capitalise or not is depends upon a materiality of amount ect and other factors..
Itc can not be claimed as it comes under the work contrct of immovable property which is blocked under GST
If the amount is shown as a Revenue Expenditure and accordingly debited to P&L, then ITC is available.
But if it is capitalised, then no ITC.
But if it is capitalised, then no ITC.
Recent Topic
- SBI direct mutual funds ITR
- 44AE Section
- FEMA compliant structure
- Tax obligation in AY 2026-27
- EFILING ITR2 FROM COMMON FILING UTILITY
- SBI gold bond interest
- PPF Interest Exempt - But what drop down to choose
- Itr2 or itr3 intraday trade 1 loss of 70 paise
- Calculation of IT
- CA FINAL FR IndAS 33 Doubt(Corrected)
Related Topics
CAclubindia
