Dear Sir/ma'am
Can I claim itc on building materials.
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(6391 Points)
Replied 21 January 2025
CA Akshay Poriya
(job in industry)
(329 Points)
Replied 22 January 2025
As per section 17(5) of cgst act 2017 Blocked credit under gst- ITC on buiding construction is not allowed whatever it is for business purpose or personal purpose whatever residential or commercial property when you capitalised in book of accounts. but when building material purchase for renovation or repairing purpose and charged as a expence (not capitalised) then, ITC allowed subjests to not for personal purpose and other condition of availing ITC fulfilled. also ITC allowed for further supply of same category of goods or services.so see the purpose of purchase of building material and treatment of in books of accounts and decide accordingly.
PF & ESI Course - Labour Code 2019 Along with Examples and Case Studies