Gd afternoon,
should I claim fixed assets ITC in Restaurants Composition scheme, is it possible, turnover below 50 lakh
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Fixed assets ITC in composition restaurants
Replies (5)
You can not cliam ITC
....under composition scheme under section 10....pay tax at 5%...on supply in cash...
....under composition scheme under section 10....pay tax at 5%...on supply in cash...
As per Section 10 of CGST Act , composit dealer cannot claim ITC
Can we claim ITC for standalone restaurant under regular scheme???
you cannot claim ITC...because u are a composit dealer😊
Rate has been prescribed by gov is not optional hence read a notification care fully where it is specifically mentioned standalone Restaurant..rate is 5 % with no ITC...
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