ITC of goods and service tax

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2 Points Posted on 21 September 2020
can a company will take the ITC of GST for it's newly constructed building ??
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On 21 September 2020 at 19:21 Report
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This discussion clarifies whether a company can claim Input Tax Credit (GST ITC) on a newly constructed building. The consensus is that ITC on immovable property is generally blocked under Section 17(5) of the GST Act, with exceptions for plant and machinery. Instead, the total cost can be capitalised, and depreciation can be claimed at the prescribed rate.

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32 Points Posted on 21 September 2020
No pls take it in depreciation
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On 21 September 2020 at 21:12
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Tax and Business Consultant
11616 Points Posted on 21 September 2020
No, you can not take ITC of immovable property except plant and machinery as it's blocked u/s 17(5)..You can capitalised total cost and can claim depreciation on that at prescribed rate.
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On 21 September 2020 at 23:22

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