Assessee running a kalyana Mandapam – Paints Purchased for painting mandapam – whether eligible for input credit?– IF YES, please clarify the following:
the purchases were made in Feb 22 – reflected in GSTR-1 filed by the supplier in Mar 22 – Input not claimed at all as payments were not made before 30.9.22 – Now payments have been made in instalments after 30.9.22-Can input tax be claimed pro-rata based on payments made after 30.9.22 in gstr3B for QE 31.12.22 – let me have your valuable opinion on this point
Thanking you
Ca M S Ramachandran, 9447776812
Eligibility for GST Input Tax Credit on Paints for Kalyana Mandapam: Timeframe and Expense Type Key Factors An individual inquired about the eligibility for input tax credit (ITC) on paints purchased for a kalyana mandapam under the Goods and Services Tax (GST) framework. The issue arose because payments were made after the stipulated deadline, raising questions about claiming ITC pro-rata. Respondents clarified that ITC is blocked for capitalized construction expenses but allowed for revenue expenses. They emphasized the importance of availing ITC within the specified timeframe, noting potential challenges due to the delay. The consensus was that the claim might be time-barred, with opinions cautioning against relying on these views as professional advice. (AI Summary)
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