In 23rd meeting of GST council, one of the decisions is rate of tax for restaurants reduced to 5% with no ITC. I have few concerns regarding this. 1. No ITC means ITC on inputs only or even ITC on capital goods is not allowed? 2. what will be the treatment of ITC already taken?
sir, notification will come, everybody waiting for it. but key questions remain same, notification will also say no ITC for restaurants but no ITC means what? and wat abt ITC already availed?
YOU MAY AVAIL UNUSED ITC FOR PAYMENT FOR FURTHER SUPPLIES AFTER 14TH NOVEMBER. BUT FROM 15TH NOVEMBER ONWARDS YOU CANNOT CLAIM ANY INPUT ON GOODS/SERVICES/CAPITAL INPUTS.