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TMI BlogITC on new Solar Panel purchasedX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Experts, Warm Greetings! Entire spinning mills already given for rent containing Machines (spindles) and land building and we raises GST Tax invoices every month for the rent for building (HSN # 997212 ) and rent for Machines (HSN # 997314 ) . Solar Panel purchased and installed in October-2021 for generation of solar power used by the Tenant, we have increased the rent f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or machines from the month of October-2021. And we have amended existing rental agreement effecting new machines (solar panel) and increase in rental value accordingly. Can we take the ITC, which was paid on both purchase of Solar Panel Assembly and installation charges? Kindly suggest. Thanks Regards: G VENUGOPAL - Reply By KASTURI SETHI - The Reply = Madam, Whether ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... expenses incurred on Solar Panel Assembly been capitalized in the books of accounts ? - Reply By Shilpi Jain - The Reply = Credit would be eligible as it is used for providing taxable services and ig is installation of the solar equipment which is a plant and machinery under gst. - Reply By KASTURI SETHI - The Reply = The following decision of AAR is in support of the views of Madam Shilpi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Jain :- It will surely help the querist. 2020 (10) TMI 808 - AUTHORITY FOR ADVANCE RULING, TAMILNADU - IN RE : KUMARAN OIL MILL - Reply By Shilpi Jain - The Reply = It is generally difficult to find favourable advance rulings and it is great on part of Kasturi sir to have shared one - Reply By Ganeshan Kalyani - The Reply = In my view Solar panel will be considered as plant and mac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hinery and therefore the input tax credit is eligible. This is the best part in GST that against an outward supply of service the input tax credit on goods is eligible to be claimed. In erstwhile regime it was not allowed. - Reply By gvenugopal g - The Reply = Dear Experts, Good Morning! Thank you very much for your valuable replies and brief explanations. Please note that the expenses ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cost of machinery and installation charges as per a single Tax Invoice raised by the Vendor) incurred on Solar Panel Assembly has been capitalized in the books of Accounts. Thanks Regards: G VENUGOPAL - Reply By Shilpi Jain - The Reply = Once plant and machinery does not matter whether it is capitalised or otherwise, cŕedit would be eligible - Reply By KASTURI SETHI - The Reply = Ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dam gvenugopal g, Just have a look on this decision of AAR:- 2019 (10) TMI 570 - AUTHORITY FOR ADVANCE RULING, KARNATAKA IN RE : SHRI KESHAV CEMENT AND INFRA LIMITED - Reply By KASTURI SETHI - The Reply = It cannot be denied that Solar Power Panel is not an immovable property/asset/apparatus etc. - Reply By Shilpi Jain - The Reply = Even if we consider solar plant to be immovabl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, section 17(5) excludes immovable plant and machinery. So credit eligible. - ITC on new Solar Panel purchased - Query Started By: - gvenugopal g Dated:- 30-10-2021 Goods and Services Tax - GST - Got 10 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - Ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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