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ITC ON CAPITAL GOODS FOR CONSTRUCTION OF BLDG, Goods and Services Tax - GST

Issue Id: - 117052
Dated: 1-3-2021
By:- NAMAN DOKANIA
ITC ON CAPITAL GOODS FOR CONSTRUCTION OF BLDG

  • Contents

Can an assessee take ITC on Capital Goods used for constuction of building as well as interior furniture, if the property so construction is used for renting purposes.

1. CAse 1: Renting of Rooms like a Hotel

2. Case 2: Renting of Banquet Hall for marriage purposes.

Your opinion is highly recommended.

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Showing Replies 1 to 4 of 4 Records

1 Dated: 2-3-2021
By:- Shilpi Jain

Credit will not be eligible to the extent of capitalisation to the building. The interior furniture would generally be movable and would be capitalised under furniture and fixtures. Credit should be eligible for this as it would not fall under sec 17 restriction.

CG specifically used for construction of building would not be eligible unless you wish to follow the decision given in the case of Safari Retreats, which is now pending before the SC.


2 Dated: 2-3-2021
By:- DR.MARIAPPAN GOVINDARAJAN

I endorse the views of Shilphi Jain.


3 Dated: 2-3-2021
By:- KASTURI SETHI

In this scenario, ITC is not allowed.


4 Dated: 18-3-2021
By:- Himansu Sekhar

No ITC is allowed. It is barred by sec 17(5).


1

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