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?
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Itc claiming by contractor
Replies (7)
Quick Summary
NO. ITC AVAILABLE ONLY AGAINST THE OUTWARD SUPPLY, OR FOR THE FIXTURES USED IN COURSE OF BUSINESS.
Sir what if one already claimed by mistake the itc as mentioned above question
You have reverse input tax credit taken earlier , Interest applicable on reversal .
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.
Sir
can we reverse itc which are already claimed 6 months earlier.
can we reverse itc which are already claimed 6 months earlier.
If ITC pertains to current financial year 2021-22 reverse the ITC through GSTR 3B along with interest.
If ITC pertains to previous year reverse ITC through DRC-03 along with Interest.
If ITC pertains to previous year reverse ITC through DRC-03 along with Interest.
Sir howmuch interest rate for ITC reverse on what amount they calculate interest
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