A vendor registered under the MSMED Act, 2006 is called an MSME vendor. There are three categories of vendors in MSMED act which are based on their investment and turnover. Micro manufacturing and services units- Rs. 1 Crore of investment in plant and machinery or equipment and Rs 5 Crore of turnoveRead more
A vendor registered under the MSMED Act, 2006 is called an MSME vendor. There are three categories of vendors in MSMED act which are based on their investment and turnover.
- Micro manufacturing and services units- Rs. 1 Crore of investment in plant and machinery or equipment and Rs 5 Crore of turnover.
- Small manufacturing and services units- Rs. 10 Crore of investment investment in plant and machinery or equipment and Rs 50 Crore of turnover.
- Medium manufacturing and services units- Rs. 50 Crore of investment in plant and machinery or equipment and Rs. 250 Crore of turnover.
Hi, An elevator is treated as a part of the building. An elevator is an integral part of the building and doesn't have a separate identity i.e it cannot be sold as individual peace. It is designed and assembled as per the requirement of a building which makes it an integral part of the building. WeRead more
Hi,
An elevator is treated as a part of the building.
An elevator is an integral part of the building and doesn’t have a separate identity i.e it cannot be sold as individual peace. It is designed and assembled as per the requirement of a building which makes it an integral part of the building.
We can refer to the explanation of section 17 (5) of the CGST Act as the expression “plant and machinery” means apparatus, equipment, and machinery fixed to earth by foundation or structural support that are used for making outward supply of goods or services or both and includes such foundation and structural supports but excludes-
(i) land, building or any other civil structures;
(ii) telecommunication towers; and
(iii) pipelines laid outside the factory premises.
Section 17(5)(d) does not allow to take ITC on goods or services or both received by a taxable person for the construction of an immovable property.
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