Whether gst on inward supplies received for repairs to building can be claimed if these repairs are debited to p&l ,not capitalized in accounts?
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Whether input tax credit can be claimed on repairs to buliding- not capitalized
Replies (4)
Yes,.. you can avail ITC on repair of Immovable property,...
Note : Just to take input,.. the expenses not in nature of repair should be booked as repair
If own building then ITC not available as per sec 17(5) of CGST act.
ITC on repairs to immovable property shall be restricted only if such repairs are capitalized. In other words if the repairs are treated as revenue expense in the books of accounts, the ITC in respect of the same can be claimed.
ITC on repairs to immovable property shall be restricted only if such repairs are capitalized. In other words if the repairs are treated as revenue expense in the books of accounts, the ITC in respect of the same can be claimed.
Sir it's our factory building . Repairs not in the nature to capitalize .then can we take itc ?
if the repairs are treated as revenue expense in the books of accounts, the ITC in respect of the same can be claimed.
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