Sir,
ITC on Capital goods (Ship/Vessel) is eligible for Transport of Coastal goods. In Shipping, Every 2 1/2 years ships/vessels are to be reparied. This is mandatory. The capital expenditure will be accounted as Dry Dock. This will written off 2 1/2 years. \
ITC on capaital goods is for 5 years (60 months). Dry dock is for 2 1/2 years, ITC on Dry Dock is eligible?
Sir,
Dry Dock cost will be written off in 2 1/2 years. Without the Dry Dock repair, ship can not be taken into business.
IGST @ 5% is paid in Customs by the service receiver.
IGST @ 5% is paid in Customs by the service receiver.
CAclubindia
