TaxTMI 
TaxTMI 
ITC ELIGIBILITY
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....TC ELIGIBILITY<br> Query (Issue) Started By: - SAFETAB LIFESCIENCE Dated:- 12-10-2019 Last Reply Date:- 15-10-2019 Goods and Services Tax - GST<br>Got 5 Replies<br>GST<br>Dear Experts, WE are not clear about ITC eligibility to avail on the following items. 1. New investments made and Booked in Factory Building account such as Purchase of Steel, Cement, paint, Labor charges 2. New Investments ....
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....made and Booked in Factory Building account such as Partition items like panel wall, aluminum walls, puffed panels 3. Repair expenses incurred and Booked in Building maintenance such as Purchase of Steel, Cement, paints, labour charges, partition items like puffed walls, aluminium walls partitions etc Reply By Shyam Naik: The Reply: GST on Goods and Services received for construction of immovab....
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....le property, to the extent capitalized in books and accounts are ineligible ITC. Accordingly, amount booked in Factory Building are ineligible credit. So far Building Maintenance is concerned, it may be available. However, there are some adverse judgments by AAR. Reply By atul rathod: The Reply: ITC would be ineligible as the same would be treated as construction on own account. Further cons....
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....truction Includes repairs, renovation etc to the extent of capitalization. Therefore if the said expenses are capitalized - credit ineligible & if charged to P&L - credit eligible. However It is advice to look at orrisa high court judgement if the quantum of credit is very huge. Though the transaction is not similar but principle laid down is the same. Reply By KASTURI SETHI: The Reply: Dear Q....
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....uerist, You are advised to go by the CGST Act in your own interest. This judgement is most likely to be challenged by the Department in the Supreme Court. The appeal period for filing SLP by the Department is not yet over. Reply By Ganeshan Kalyani: The Reply: ITC is eligible for point no 3. Reply By MUKUND THAKKAR: The Reply: ITC is not eligible item mention by you.all items are covered as ....
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....part of prefabricates building. it is restricted credit under sec 17(5).<br> Discussion Forum - Knowledge Sharing ....