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ITC ELIGIBLE OR NOT UNDER GST LAW
If i am purchasing cement and other material and on contract basis i work repairing work and charged service invoice with GST, can i available GST input on purchase of Cement and material in works contract work
Replies (3)
Quick Summary
Yes as the items are used (furtherance) for your business and not for personal work.
Composite supply of Works contract defined in clause 119 of section 2 of CGST Act is liable for 18% GST rate with full Input Tax Credit (ITC) of Inputs And Input services.
Composite supply of Works contract defined in clause 119 of section 2 of CGST Act is liable for 18% GST rate with full Input Tax Credit (ITC) of Inputs And Input services.
Yes you can take itc
Yes you can avail full ITC on cement and other construction materials purchased for supplying Works Contract Services since they are your inputs which are being used in the course of or furtherance of business.
As per the Provision of Section 16(1) of the CGST Act 2017, ITC on Inputs, Input Services and Capital Goods, "used in the course of or furtherance of business" can be claimed provisionally in your e-credit ledger. Ensure that all the Four Conditions as laid down U/s 16(2) of the CGST Act 2017 is satisfied before claiming ITC.
As per the Provision of Section 16(1) of the CGST Act 2017, ITC on Inputs, Input Services and Capital Goods, "used in the course of or furtherance of business" can be claimed provisionally in your e-credit ledger. Ensure that all the Four Conditions as laid down U/s 16(2) of the CGST Act 2017 is satisfied before claiming ITC.
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