Hi Guys,
One of my clients is going to start a restaurant business. They have made a massive investment in machinery on which heavy ITC (Input Tax Credit) was there.
So now my question is if they charge 5% GST on output then this GST paid on machinery is also not allowed, or it is allowed along with 5% GST on output.
Input Tax Credit is not available even on Capital Goods in Such Cases.
INPUT TAX CREDIT IS NOT AVAILABLE. ( GST ON RESTAURANT BUSINESS WAS REDUCED FROM 18% TO 5% WITH THE CONDITION THAT NO INPUT TAX CREDIT WILL BE AVAILABLE )
GENERALLY ITC ON MACHINERY IS AVAILABLE BUT , YOU CANT CLAIM IN YOUR CASE
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Jawahar and Associates Chartered Accountants
Hyderabad
CA Inter
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Interactive Media Pvt Ltd.
New Delhi
CA Inter
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CAclubindia
