Input Tax Credit eligibility on works contract services & goods or services or both received by a taxable person for construction of an immovable property

Input Tax Credit eligibility on works contract services & goods or services or both received by a taxable person for construction of an immovable property https://www.taxtmi.com/article/detailed?id=8492 Section 17(5)(c) and (d) disallow ITC on works contract services and on goods or services received for construction of immovable property except to the extent those costs are not capitalised. GST on items capitalised as part of the immovable asset is ineligible, whereas expenses of a revenue nature charged to profit and loss remain eligible. Exceptions include supplies used for construction of plant and machinery and supplies that are input services for further supply of works contract services; classification and accounting treatment determine entitlement. en-us Tue, 07 May 2019 05:53:07 +0530 Tue, 07 May 2019 05:53:07 +0530 TaxTMI RSS Generator Input Tax Credit eligibility on works contract services & goods or services or both received by a taxable person for construction of an immovable property https://www.taxtmi.com/article/detailed?id=8492 Section 17(5)(c) and (d) disallow ITC on works contract services and on goods or services received for construction of immovable property except to the extent those costs are not capitalised. GST on items capitalised as part of the immovable asset is ineligible, whereas expenses of a revenue nature charged to profit and loss remain eligible. Exceptions include supplies used for construction of plant and machinery and supplies that are input services for further supply of works contract services; classification and accounting treatment determine entitlement. Articles Goods and Services Tax - GST Tue, 07 May 2019 05:53:07 +0530 https://www.taxtmi.com/article/detailed?id=8492