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
Menu
Restaurants - itc on capital assets
Replies (6)
Yes you can avail the ITC subject to Rule 43 of CGST Rules
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...
In case you are under Regular scheme then You can claim ITC as well as Capital Goods...
Follow Mr Raja sir advice.
No,.... you cannot claim ITC if you are registered under composit scheme
Yes agree with you sir.
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
Recent Topics :
- Query on scenario related to FAST DS 2026
- Audit Executive (Remote, India) - Ace Auditing Off
- GST Transaction On Used Clothing
- ITC availed on 5%-rate passenger transport (AC bus
- Extension of Due Date of AY 2026-27
- FAST DS 2026
- Does AIS GST Purchase aggregate GSTR-2B expenses?
- Form 26A - System has encountered some technical p
- Tool to convert GST invoice PDFs into Excel —
- Revised or rectification or leave it?
Related Topics :
CAclubindia
