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Amit (Accounts )     24 June 2021

ITC on shed fabrication

Hy all

We are making shed in our factory at 1st floor and we purchase some material for it.

my question is this, can we get input on raw material?



 5 Replies

yasaswi gomes

yasaswi gomes (My grammar is 💯 good I)     24 June 2021

If you hired a contractor, one can claim ITC.

 

https://cleartax.in/s/gst-cases-where-input-tax-credit-is-unavailable

yasaswi gomes

yasaswi gomes (My grammar is 💯 good I)     24 June 2021

Further, itc can be claimed on raw materials if you meet this criteria

https://irisgst.com/all-about-input-tax-credit-itc-how-to-claim-input-tax-credit/

Pankaj Rawat

Pankaj Rawat (GST Practitioner)     24 June 2021

In term of Section 17(5) if it is capitalised to building account then ITC is not available , but if book under revenue expenditure then ITC is available.
1 Like
Amit

Amit (Accounts )     25 June 2021

We just expand our area of factory from ground floor to first floor, definitely it will help us to increase our revenue ..
can we assume it revenue expenditure and claim ITC ??
yasaswi gomes

yasaswi gomes (My grammar is 💯 good I)     25 June 2021

That is capital expenditure because you will be capitalising it into PPE. One can’t do things out of AS. 


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