If one registered firm buying Tmt Bar and getting GST credit on it and another product selling like cotton, so my question is credit input of TMT bar can be use in Cotton or other commodity item like Ginger, Eliachi etc.
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ITC of TMT bar can be use for output gst for sale of Cotton.
Replies (9)
Quick Summary
Your query is not clear...
You said your sales product and also said what you purchased...
But, You can't explain what are use of the product (TMT Bars) you purchased...
You said your sales product and also said what you purchased...
But, You can't explain what are use of the product (TMT Bars) you purchased...
date - 05/12/2023
purchase TMT Bar - Rs. 100000
ITC on TMT bar 18% - 18000
date - 06/12/2023
Sale Cotton - Rs. 200000 (Previous stock available)
Output GST 5% - 10000
Total ITC available 18000 in current period which is received from purchase of TMT bar, and output liability is10000 which is sale from cotton, here two different item available, so my question is that can I use ITC of one goods for other goods output liability.
What are use of the product (TMT Bars)...??
It's mean why you purchase TMT bars...??
It's mean why you purchase TMT bars...??
Both Item purchased for trading purpose,
If you are a dealer who sells from hardwares to farm products like cotton then you can use the ITC. Before that conform that ITC on TMT bars and Output gst on cotton comes under same category ie. Both should be IGST or both should come under CGST and SGST.
If both are for trading purposes, then ITC is available.
Rgds
CA. Raj Doshi
R C D & Co.
Chartered Accountants
Kandivali West,Mumbai
If you purchase TMT bars for trading, you can use its ITC for discharging your any GST liability.
If purchased for trading purpose than its ok....
If purchased for construction of building(fixed assest) than not allowed
@ Mr.Lalit Sangani,
If Your business are including these items then no issues for claiming ITC and set off.
If Your business are including these items then no issues for claiming ITC and set off.
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