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ITC on renovation of office building

NAGA (ACCOUNTANT) (504 Points)

11 April 2019

We have rented a building for principle place of business purpose.
Later we purchased material like- furniture, electrical equipment etc. for renovation and modifications of the renting building.

Can we claim ITC for that?

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3 Replies

Sajal Mandal (294 Points)
Replied 11 April 2019

yes, you can claim ITC for fixed assets.

Jitesh Sinha (other) (280 Points)
Replied 11 April 2019

ITC can be availed if the amount is not capitalized for depreciation benefit.

kajol (Executive) (201 Points)
Replied 11 April 2019

Input Tax Credit can be availed by a registered person only if all the applicable particulars as prescribed in the Invoice Rules are mentioned in the Invoice. The GST paid under the Reverse Charge Mechanism can also be claimed as Input Tax Credit. The Input Tax Credit is also allowed on GST paid on Capital Goods.