LIVE GST Certification Course by CA Arun Chhajer begins 21st April. Register Now!!

ITC on shed fabrication

Amit (Accounts ) (526 Points)

24 June 2021

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?

Reply
Follow
Share

5 Replies

yasaswi gomes (My grammar is 💯 good I) (7290 Points)
Replied 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 (My grammar is 💯 good I) (7290 Points)
Replied 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 (GST Practitioner) (55030 Points)
Replied 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 (Accounts ) (526 Points)
Replied 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 ??