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