Court Limits Input Tax Credit to 75% for Spare Parts in Works Contracts, Rejecting Petitioner's 100% Claim.

Court Limits Input Tax Credit to 75% for Spare Parts in Works Contracts, Rejecting Petitioner's 100% Claim. https://www.taxtmi.com/highlights?id=58054 Input tax credit - sale or not - The main thrust of the argument of the petitioner is that since the said transaction is an outright sale, 100% ITC has to be admitted. This argument of the petitioner cannot be appreciated for the reason that even if the user of spare parts and lubricants in the works contract amounts to sale, still the statute restricts the ITC to 75%. - HC en-us Fri, 21 May 2021 10:14:56 +0530 Fri, 21 May 2021 10:14:56 +0530 TaxTMI RSS Generator Court Limits Input Tax Credit to 75% for Spare Parts in Works Contracts, Rejecting Petitioner's 100% Claim. https://www.taxtmi.com/highlights?id=58054 Input tax credit - sale or not - The main thrust of the argument of the petitioner is that since the said transaction is an outright sale, 100% ITC has to be admitted. This argument of the petitioner cannot be appreciated for the reason that even if the user of spare parts and lubricants in the works contract amounts to sale, still the statute restricts the ITC to 75%. - HC Highlights VAT and Sales Tax Fri, 21 May 2021 10:14:56 +0530 https://www.taxtmi.com/highlights?id=58054