ITC is available in relation to construction of immovable property; Know Conditions || CA Bimal Jain
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- Опубликовано: 5 сен 2024
- ITC is available in relation to construction of immovable property; Know Conditions || CA (Adv) Bimal Jain
☑️ 📛⚠️ Input Tax Credit (ITC) is available on re-construction, renovation, additions or repairs: #ITC
📢 ITC is available on re-construction, renovation, additions or repairs only when such expenses not capitalised in books: WB AAAR
➡️ The respondent company, which constructed a warehouse and leased it out, sought an advance ruling on their eligibility for input tax credit (ITC) related to construction costs.
➡️ The West Bengal Authority for Advance Ruling (WBAAR) initially ruled that ITC was not available for construction expenses that were capitalized in the respondent's books, but ITC could be claimed for construction expenses not capitalized.
➡️ According to Section 17(5)(c) and (d) of the CGST Act, ITC is not available for goods and services received for the construction of immovable property, classifying such credit as blocked.
➡️ ITC is also not available for costs related to reconstruction, renovation, additions, or alterations that are capitalized; however, if such expenses are not capitalized, ITC may be claimed.
➡️ The ruling by WBAAR was found to be incorrect as it applied capitalization conditions to both initial construction and later modifications like reconstruction or renovation, thus necessitating a modification of their ruling.
✔️ AAAR-WEST BENGAL - Bathula Mahesh Babu, In re [APPEAL CASE NO. 04/WBAAAR/APPEAL/2023]
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Sir please provide clarification about whether ITC of construction materials purchased by builder is available to builder if they sold flats and shops after constructing please make one detailed video on ITC in case of builders and developers 🙏
I think not available as after construction sold, hence not a supply, it won't be available
Once construction completed and got occupancy certificate, it will become immovable property. You need not to pay the GST as well as, not eligible for ITC, need to reverse it. If you already entered into agreement before completion of construction, it is liable to pay GST.
Flat sold after construction is inventory
Thanks a lottt Sir, Regards, Dharminder Sikka
Sir, ITC - 0️⃣3️⃣ filing pr video banana please. (In case of Nil filing of ITC - 03) Thanks sir❤
Thanks Sir 👍👍👍
🙏 Thank you Sir for valuable
information
What about Fixtures, furniture fixed to wall. Like wall cabinets debited to Furniture. Also lifts.
If the item is of capital nature but for availing credit,the registered person has treated such item as revenue nature in their books then whether the credit is available or not
Accounting rules and standards should be followed, if standard allows it to be recognised as revenue then ITC can be availed
Sir please reply
Sir why supreme court is delaying its final verdict on Safari retreat case for so long???
🙏
final crux for aar ruling will be sir itc will be available for construction of immovable property that is other than of plant & machinary if it is of revenue nature whether i am right sir
yes
Sir make a video on sec 16(2),rule 37 vis a vis standard accounting practice
Section 16(3) of cgst Act is the accurate answer.
Whether works contract company is eligible for ITC, if any materials purchased by works contract company for construction of immoveable property to client?
Hi Sir, when we could see the GST books updated by Finance Act 2?
👍👍👏👏
Sir please prepare one video relating to judgement of mrityunjay Kumar case
What if it is in nature of capital expenditures but debited to pl account
What about this?
Karnataka - M/s. Tarun Realtors Pvt. Ltd. Bangaluru vide order dtd.30.09.2019.
GOV TENDER CIVIL WORKS
Municipal gives add 18% gst then
Can I apply for ITC and pay direct tax in Gst the whole 18% gst
Which one is right ?
Sir, Grant-in-aid (SUBSIDY)received from State Govt. for private laboratory to meet international standards attracts any GST?
no
Good evening sir, sir kya E- rickshaw itc claim kar sakte h
itc cannot be claimed for motor vehicles, upto 13 seating capacity including driver except when used for a) further supply , b) imparting or training , transportation,
if you are using e rickshaw for passanger transportation , you can claim itc