ITC categorisation

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..... ITC categorisation
Query (Issue) Started By: - Madhavan iyengar Dated:- 22-6-2019 Last Reply Date:- 25-6-2019 Goods and Services Tax - GST
Got 3 Replies
GST
if certain installation expens .....

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..... es related to plant and machinery which is yet to be installed is parked in CWIP plant and machinery The ITC on installation charges will be available but it is required to be shown under which head .....

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..... ie Input services or capital goods since ultimately the installation charges will go and sit in plant and machinery please clarify Reply By Ganeshan Kalyani: The Reply: Sec. 2 19) "capital goods" .....

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..... means goods, the value of which is capitalised in the books of account of the person claiming the input tax credit and which are used or intended to be used in the course or furtherance of business; .....

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..... The above definition states "goods" to be capital goods on the condition. Since installation charges are service, though it is capitalised it will be categorised as service. Reply By KASTUR .....

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..... I SETHI: The Reply: Best advice by Sh.Ganeshan Kalyani Ji. Reply By Ganeshan Kalyani: The Reply: Thanks Sri Kasturi Sir for your pats.
Discussion Forum - Knowledge Sharing .....

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