GST Input Credit

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..... A person is registered for GST for payment of tax on rent from commercial property. Subsequently, he diversifies into manufacturing activity. While setting up new business unit, he receives tax invoic .....

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..... e for supply of plant machinery etc., and ITC on the same is duly reflected in his GSTR 2A . Can he set off this ITC against GST payable on rental income before starting the actual manufacturing. .....

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..... - Reply By KASTURI SETHI - The Reply = In my view, 'yes'. You are entitled to use the credit.There is no one to one correlation. ITC earned on goods can be used towards supply of servi .....

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..... ce and vice versa. - Reply By Ganeshan Kalyani - The Reply = I agree with the views of Sri Kasturi Sir. The input /capital goods are used in course or furtherance of business and one to one co-rel .....

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..... ation is not required. Hence, credit can be taken. - GST Input Credit - Query Started By: - Ethirajan Parthasarathy Dated:- 4-11-2020 Goods and Services Tax - GST - Got 2 Replies - GST - Discussion .....

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..... Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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