Dear Experts,
Can I take ITC against building materials on behalf of Manufacturing plant?
The plant will be produced only taxable supply..
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Capital Goods ITC on Building
Replies (3)
No.... if its capitalised to Building A/c cannot claim ITC (s. 17(5))
Plant and machinery ITC is allowed, charge depreciation @ 15% in IT also
only as per section 17(5) Works contract (Building construction) ITC is not allowed, if not use for furtherance of business
u get ITC. subject to not capatalize the expenses.
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