A works contractor will get input tax credit for materials purchased?
he purchased a vehicle for his business, will credit also available for that ?
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Input tax
Replies (9)
yes itc is available for material as well as vehicle....
Yes ,you can itc for both cases.
If it is motor vehicle then you can not claim ITC as per section 17(5).
If I am wrong please give the reason.
If I am wrong please give the reason.
if motor vehicle is used for transportation of goods you can claim itc on that....
Yes, if vehicle is used for transportation of goods then ITC available.
But itc for materials also eligible? I guess it is available only in the case of construction of plant and machinery any one please confirm?
itc for material is also available..... itc for "services" is not available to a work contractor.... it for goods is available
The material purchase relating to construction of immovable property ITC will not be available as per sec 17(5)
regarding vehicle i agree with mohit sir answer.
regarding vehicle i agree with mohit sir answer.
itc will not be available for works contract "services" when supplied for construction of an immovable property [other than plant and machinery] except where it is an input service for further supply of works contract service.
In the present case we r talking about material(goods) used so itc will be available..
In the present case we r talking about material(goods) used so itc will be available..
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