My client purchased iron for construction of building used for self used to start own business . Can he claim ITC
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ITC on iron purchased for construction
Replies (2)
1. *Use in Business*: The goods (iron) must be used in the course or furtherance of business.
2. *Tax Invoice*: The purchase must be supported by a tax invoice.
*Initial Stage*: The building is under construction, and the business has not yet commenced. -
This will enable them to claim ITC on the purchase of iron and other eligible inputs in the future.
Input tax credit on iron purchased can be utilized if iron used for purchase of business.
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