sir
can a contractor claim gst other than the gst on contract works. example say i'm a contractor and i bought one refrigerator for personal use. can i claim itc on that which is not part of the work contract?
NO. ITC AVAILABLE ONLY AGAINST THE OUTWARD SUPPLY, OR FOR THE FIXTURES USED IN COURSE OF BUSINESS.
If the Asset used for personal purpose, it is better to reverse the ITC along with applicable Interest. Else it has been used in your Office for staff and others, then you can claim ITC. But it will be treated as Common Input Credit and if any exempted turnover is there proportionately ITC on Asset has to be reversed.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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CAclubindia
