My friend recently started the petrol business, he bought some assets for the business, can we claim input gst on those assets, the assets are meant to business only. Please advice me on this, I have little confusion regarding this. Thanks in Advance.
21 March 2022
If you are dealing in only non GST or exempt items then ITC cannot be claimed. However if you are dealing with both taxable and non taxable items for example lubricants(taxable) and petrol (Non taxable) then proportionate ITC can be claimed that too as per GST rules.
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