ITC Related

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48 Points Posted on 26 October 2020
Yesterday I have bought sweets from Bakery... The shopper collected Tax 5%.

So this input tax eligible to claim.

anyone answer this question friends.
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On 26 October 2020 at 21:16 Report
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Quick Summary
This discussion clarifies the eligibility of Input Tax Credit (ITC) for sweets purchased from a bakery under GST. If the sweets are intended for resale or outward supply, the 5% tax paid is generally eligible for ITC, provided a GST-compliant invoice is issued. However, if the sweets are consumed internally by employees or for personal use, it is considered blocked credit and cannot be claimed.

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285 Points Posted on 26 October 2020
Are you a registered person under gst
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On 26 October 2020 at 21:24
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7 Points Posted on 26 October 2020
It is block credit.
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On 26 October 2020 at 21:25
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Accountant
175 Points Posted on 26 October 2020
Yes if the party have issued GST complient Invoice.
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On 26 October 2020 at 21:27
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48 Points Posted on 26 October 2020
Yes I have GST number Regular
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On 26 October 2020 at 21:47
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285 Points Posted on 26 October 2020
If the sweets are used for providing outward supply, then you can avail. If it is used for providing to your employees or for your personal purposes then it comes under blocked credit
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On 26 October 2020 at 21:58
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48 Points Posted on 26 October 2020
Ok sir I understand the concepts. Thank you for your kind replies.
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On 26 October 2020 at 22:00
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34 Points Posted on 26 October 2020
If it's further sold then allowed otherwise no
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On 26 October 2020 at 23:46

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