GST on Interes,new project etc
Query (Issue) Started By: – Narendra Soni Dated:- 21-8-2017 Last Reply Date:- 22-8-2017 Goods and Services Tax – GST
Got 10 Replies
GST
Kindly provide your valuable advise,how we can save GST, if applicable in the following cases :-
\n1.Interest charged from customer for overdue payment.
\n2.Amount charged from customer for early delivery of shipment.
\n3.We procured material & services for electricity supply line from feeder to new factory:-
\nWe purchased Poles & Wires from market vendors and given to our contractors(service providers) for installation on road from feeder to factory.
\nSome incidental material required to fit the wires on poles like-clam\/nut\/bolts\/aluminum wire\/earthing wire\/insulato<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ns of assigning the work by which ITC could be eligible. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" GST on Interes,new project etc Query (Issue) Started By: – Narendra Soni Dated:- 21-8-2017 Last Reply Date:- 22-8-2017 Goods and Services Tax – GSTGot 10 RepliesGSTKindly provide your valuable advise,how we can save GST, if applicable in the following cases :- 1.Interest charged from customer for overdue payment. 2.Amount charged from customer for early delivery … Continue reading “GST on Interes,new project etc”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-7324","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/7324","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7324"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/7324\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\nKindly suggest.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nDear Sri Soni Ji, please refer Section 16 of CGST Act, 2017. In restriction of input tax credit it is mentioned that credit is not allowed if works contract services supplied for construction of an immovable property (other than plant and machinery) except where it is an input service for further supply of works contract service.
\nReply By Narendra Soni:
\nThe Reply:
\nOk sir.
\nWhat about point 1 & 2.
\nReply By KASTURI SETHI:
\nThe Reply:
\nOn both points no.1 & 2 GST is applicable.
\nReply By Himansu Sekhar:
\nThe Reply:
\nPlease refer to sec 17(5), the poles and wires are located about side the factory premises. The availability of ITC <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n