Can ITC be claimed for the contractor on his purchases which are utilised for carrying out his works contract?
1. Exacavators
2. Tipper trucks
3. GI sheets which are used for barricading the site from public reach.
4. Other masonry tools
I would be very pleased if you can answer me point by point.
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ITC on goods in works contract
Replies (2)
Quick Summary
Dear ,
All the items / goods mentioned are of capital goods in nature.
According to section 2(19) of the CGST Act Capital Goods means goods, the value of which is capitalised in the books of account of the person claiming the input tax credit and which are used or intended to be used in the course or furtherance of business.
Further there is no restriction on the above items in Section 17(5).
Hence, all the goods mentioned are eligible for availing ITC.
Thank you so much for your concise and swift response.
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