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Restaurants - itc on capital assets

ITC / Input 1507 views 6 replies
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student
64 Points Posted on 06 June 2018

From 15th Nov 2017 we are charging 5% GST on sales, we are not taking ITC on revenue items.

But our turn is above 120 lakhs. can we avail GST input on Capital assets. please confirm

 

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On 06 June 2018 at 00:12 Report
Replies (6)
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Self Occupied
42 Points Posted on 06 June 2018
Yes you can avail the ITC subject to Rule 43 of CGST Rules
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On 06 June 2018 at 04:47
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"Do the Right Thing...!!!"
128152 Points Posted on 06 June 2018
If you are under composition scheme then no way for claim ITC. Also capital goods.

In case you are under Regular scheme then You can claim ITC as well as Capital Goods...
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On 06 June 2018 at 07:52
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24196 Points Posted on 06 June 2018
Follow Mr Raja sir advice.
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On 06 June 2018 at 08:50
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GST Practitioner
55067 Points Posted on 06 June 2018
No,.... you cannot claim ITC if you are registered under composit scheme
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On 06 June 2018 at 08:59
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24196 Points Posted on 06 June 2018
Yes agree with you sir.
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On 06 June 2018 at 09:03
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GST Practitioner
55067 Points Posted on 08 June 2018
Even though you are not under composit scheme but in restaurant business , as ITC is not available to restaurant services , they are liable to charge 5% forward charge the concessional rate without ITC
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On 08 June 2018 at 09:34


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