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LIFT ITC

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Accounts
528 Points Joined July 2010
Hy All

our factory is in rental premises, We are paying 200k rent per month
we recently installed lift in factory...

Q. 1 Can we get ITC on purchase of lift( I think no,but we are in rental premises We dismental it after leaving our rented factory and
installed in other factory)
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On 03 February 2022 at 05:16 Report
Replies (6)
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GST Consultant
15986 Points Joined March 2013

If you will be capitalising the lift in your leashold premises then there is no ITC

1 Reply
On 03 February 2022 at 08:30
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Accounts
528 Points Joined July 2010
Thanks Sir,

But we rented factory
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On 03 February 2022 at 08:41
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GST Consultant
15986 Points Joined March 2013

What will be your accounting treatment?

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On 03 February 2022 at 08:47
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Accounts
528 Points Joined July 2010
We haven't taken itc
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On 03 February 2022 at 09:35
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GST Consultant
15986 Points Joined March 2013

Yes correct no ITC.............

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On 03 February 2022 at 09:54
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Chief Accountant
3150 Points Joined July 2020
If u have shown purchase of list as fixed assets, than No ITC, otherwise u can claim
1 Reply
On 04 February 2022 at 21:00

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