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ITC claim and criteria


VINAYAK HEGDE (accounting & taxation freelancer)     04 April 2019

VINAYAK HEGDE
accounting & taxation freelancer 
 10 likes  243 points

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Dear all,
i running a coaching centre with my friend. recently we decided to make changes in interior structure. For that we contracted and finalised the work.
contact based work(labour cum material, amount has to be mentioned seperately in bil)

know i have to know can gst paid on this contract work as ITC ?.
thanking you

avater

Vishesh Surana   04 April 2019

Vishesh Surana

 358 likes  5638 points

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no ITC available as per section 17 (5)(c) of the CGST Act,2017

1 Like
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CA Abhilash N (Chartered Accountant)     04 April 2019

CA Abhilash N
Chartered Accountant 
 15 likes  265 points

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Dear Vinayak,

In terms of section 17(5)(C) of CGST Act, if the works contract services received for construction of an immovable
property capitalized in the books, then ITC would be restricted.

If works contract services are accounted as expenses and transferred to P&L account, ITC would be eligible.

avater

Vishesh Surana   05 April 2019

Vishesh Surana

 358 likes  5638 points

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yes, but in that depreciation could not be booked

avater

VINAYAK HEGDE (accounting & taxation freelancer)     07 April 2019

VINAYAK HEGDE
accounting & taxation freelancer 
 10 likes  243 points

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ok thank you

avater

subhagan sreerangam   07 August 2019

subhagan sreerangam

 204 likes  6586 points

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good clarification and information


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