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 :
- Commission / Agency Business without books: REAL E
- Difference between AIS and 26AS data.
- Applicability of FCRA to Article Processing Fees (
- GST Return
- Practical queries on buy back of shares
- Any faculty recommendations for latest batch recor
- FAI & FAST-DS 2026 query
- Is GST registration mandatory in this case
- Buying a residential flat in Goa: should my wife b
- Income tax filling
Related Topics :
CAclubindia
