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ITC CREDIT ON IRON BARS FOR REPARING FACTORY


harish chandra (accounts manager)     06 December 2019

harish chandra
accounts manager 
 2 likes  66 points

| My Other Post

he is a job worker and he has machines for running job work in his factory,,,,,now he purchases iron baars (saria ) for repair his factory roof ...can he claim itc on this iron(saria ) purchase???

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Raksha (Student CA Final )     06 December 2019

Raksha
Student CA Final  
 40 likes  397 points

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According to section 17(5) you cannot claim credit of immovable properly !
so if you are treating it as revenue expense and debiting in P&L account then you can claim credit !
If you are capitalising in the factory as a fixed asset then u can not avail credit !

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Pankaj Rawat (GST Practitioner)     08 December 2019

Pankaj Rawat
GST Practitioner 
 3467 likes  46982 points

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If the expenses incurred is captilised to Building account , cannot claim ITC .
If book as revenue expenditure ,yes ITC can be availed.

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