Input service used for providing restaurant service is available as input credit??
e.g. Rented premises used for running a restaurant so gst paid on rent is available as Input credit???
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input tax credit for restaurants
Replies (4)
As per notification 46/2017 CT (r)
Restaurants without ITC, charge 5%
Hence cannot claim ITC
Restaurants without ITC, charge 5%
Hence cannot claim ITC
then what is the difference between composition dealer and regular dealer as for restaurants under both the schemes rate for restaurants is 5%
Difference between Composition and Regular for Collecting Taxes from Customers for the Restuarent Business...
The composit dealer pay tax from his own pocket he cannot collect tax from customer whereas regular dealer can charge gst & can collect the same from customer
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