ITC shall not be available in respect of services pertaining to land received by a taxable person for construction of an immovable property
Input tax credit— Section 17(5) of CGST Act— In the instant case, applicant has purchased rights of said industrial plot from transferor M/s Ginni and borne the GST @ 18% on the subject supply on receiving the Rights of the industrial plot on execution of the Deed of assignment. JM seeks Ruling whether said GST portion borne by it, is admissible as ITC.
Question on which Advance Ruling sought is as follows—
Whether applicant is eligible to claim Input Tax Credit of GST paid on input services of Lease Premium paid to Ginni Filaments on which they have charged GST under the head miscellaneous receipt under SAC code No. 99979.
The applicant submit that they are eligible to input tax credit of tax paid on assignment of lease in terms of the provisions of Section 16 (1) of CGST Act if the leasehold land is used for business purpose and that the provisions of Section 16(2) of the CGST Acts are fulfilled.
Held that— GST amount borne by M/s J M Chemicals on subject service received is blocked credit vide Section 17(5)(d) CGST Act and thereby ineligible for availment.
ITC shall not be available in respect of services pertaining to land received by a taxable person for construction of an immovable property
Input tax credit— Section 17(5) of CGST Act— In the instant case, applicant has purchased rights of said industrial plot from transferor M/s Ginni and borne the GST @ 18% on the subject supply on receiving the Rights of the industrial plot on execution of the Deed of assignment. JM seeks Ruling whether said GST portion borne by it, is admissible as ITC.
Question on which Advance Ruling sought is as follows—
Whether applicant is eligible to claim Input Tax Credit of GST paid on input services of Lease Premium paid to Ginni Filaments on which they have charged GST under the head miscellaneous receipt under SAC code No. 99979.
The applicant submit that they are eligible to input tax credit of tax paid on assignment of lease in terms of the provisions of Section 16 (1) of CGST Act if the leasehold land is used for business purpose and that the provisions of Section 16(2) of the CGST Acts are fulfilled.
Held that— GST amount borne by M/s J M Chemicals on subject service received is blocked credit vide Section 17(5)(d) CGST Act and thereby ineligible for availment.