LIFT ITC

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Accounts
528 Points Posted on 03 February 2022
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)
Quick Summary
This discussion explores whether Input Tax Credit (ITC) can be claimed on a lift purchased and installed in a rented factory. The consensus is that if the lift is capitalised as a fixed asset, ITC is generally not claimable, even in rented premises. The ability to claim ITC may depend on how the purchase is accounted for, rather than the rental status of the factory itself.

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GST Consultant
15986 Points Posted on 03 February 2022

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 Posted on 03 February 2022
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 Posted on 03 February 2022

What will be your accounting treatment?

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On 03 February 2022 at 08:47
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Accounts
528 Points Posted on 03 February 2022
We haven't taken itc
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On 03 February 2022 at 09:35
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GST Consultant
15986 Points Posted on 03 February 2022

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

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On 03 February 2022 at 09:54
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Chief Accountant
3150 Points Posted on 04 February 2022
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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