Can restaurants serving liquor claim 100% itc ?
Menu
Can restaurants serving liquor claim 100% itc ?
Replies (5)
Quick Summary
No...
Regular scheme registration
input tax credit is possible only when there is a valid tax bill and there are other aspects.
input tax credit is possible only when there is a valid tax bill and there are other aspects.
Supply of liquor is Non taxable supply , & In term Section 17(2) R/w rule 42 ,the credit of ITC restricted to ITC attributable to Taxable Supply. Hence need to reverse ITC in proportion to supply of liquor.
Eg : ITC on purchase of Glass need to be reversed in which liquor has been served.
(Kindly refer Rule 42 & 43 )
Eg : ITC on purchase of Glass need to be reversed in which liquor has been served.
(Kindly refer Rule 42 & 43 )
Liquor and fuel both are not subject to gst. It's a taxable supply.
yes, not under the purview of gst hence not taxable in GST.
Recent Topics :
- Unregistered Association of Persons (AOP) Agreemen
- Intimation u/s 245 of income tax act
- Ewaybill query
- IDS Refund: GSTR-2B Invoice Not Validated in State
- Self assessment tax paid not reflected in ITR2 fil
- Tax on nps corpus
- Tired converting GSTR-1, 2B & 3B to Clean Exce
- TDS on under construction property not deducted
- GST on Fixed Assets
- GST ITC april 22
Related Topics :
CAclubindia
