input credit

[mathur ramachandran]

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

AI Summary

Input tax credit eligibility for repair painting depends on capitalisation; time limits may bar late claims.
Availability of Input Tax Credit on paints hinges on whether the expenditure is capitalised as part of immovable property (in which case ITC is blocked) or treated as revenue (in which case ITC is allowed). Time limits apply: credit for a prior year must be availed by the prescribed cut off for that year or by filing the annual return; credit initially availed and reversed for nonpayment may be reclaimed on later payment, but credit neither availed nor reversed within the time limit may be time barred.