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Fixed assets ITC in composition restaurants

ITC / Input 283 views 5 replies
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27 Points Posted on 28 June 2019

Gd afternoon,

should I claim fixed assets ITC in Restaurants Composition scheme, is it possible, turnover below 50 lakh

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On 28 June 2019 at 13:21 Report
Replies (5)
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Student
1144 Points Posted on 28 June 2019
You can not cliam ITC
....under composition scheme under section 10....pay tax at 5%...on supply in cash...
4 Reply
On 28 June 2019 at 14:02
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GST Practitioner
55067 Points Posted on 28 June 2019
As per Section 10 of CGST Act , composit dealer cannot claim ITC
301 Reply
On 28 June 2019 at 20:58
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ACCOUNTANT
834 Points Posted on 28 June 2019
Can we claim ITC for standalone restaurant under regular scheme???
3 Reply
On 28 June 2019 at 21:13
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PRACTICE
673 Points Posted on 28 June 2019
you cannot claim ITC...because u are a composit dealer😊
6 Reply
On 28 June 2019 at 21:23
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Student
1144 Points Posted on 28 June 2019
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...
4 Reply
On 28 June 2019 at 21:24


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