https://www.taxtmi.com/article/detailed?id=7402 Revised GST draft broadly defines input, input service and capital goods: inputs and input services are any goods or services used or intended to be used in the course or furtherance of business, while capital goods are goods whose value is capitalized in the claimant's accounts and used or intended to be used in business. The simplification removes many item-specific restrictions, meaning consumables and non-capitalized components will likely be treated as inputs, and inputs for construction of immovable property (other than plant and machinery) are indicated as ineligible for input tax credit, raising questions where the property is capitalized. en-us Mon, 08 May 2017 07:47:44 +0530 Mon, 08 May 2017 07:47:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7402 Revised GST draft broadly defines input, input service and capital goods: inputs and input services are any goods or services used or intended to be used in the course or furtherance of business, while capital goods are goods whose value is capitalized in the claimant's accounts and used or intended to be used in business. The simplification removes many item-specific restrictions, meaning consumables and non-capitalized components will likely be treated as inputs, and inputs for construction of immovable property (other than plant and machinery) are indicated as ineligible for input tax credit, raising questions where the property is capitalized. Articles Goods and Services Tax - GST Mon, 08 May 2017 07:47:44 +0530 https://www.taxtmi.com/article/detailed?id=7402