Can itc be availed by proprietor,if
This query is : Resolved
Ashish Agarwal
(Querist)
05 January 2019
A proprietor of Retail Business, want to purchase a Light Loading Truck for transportation of his trading Goods.
But vehicle invoice issued by Dealer in his personal name and no reference of his firm name is given in the invoice but GSTIN is provided, further a Vehicle loan is also availed in his personal name (due to eligibility issues).
Can he avail ITC of this truck, as this is not under block credit u/s 17(5)...??
I am under impression that he can avail ITC, but just want to be sure.....Kindly help.
But vehicle invoice issued by Dealer in his personal name and no reference of his firm name is given in the invoice but GSTIN is provided, further a Vehicle loan is also availed in his personal name (due to eligibility issues).
Can he avail ITC of this truck, as this is not under block credit u/s 17(5)...??
I am under impression that he can avail ITC, but just want to be sure.....Kindly help.
CA Anita Bhadra
(Expert)
05 January 2019
In my view :
He can avail ITC as GSTIN Number of firm is given in invoice and vehicle for transportation of goods are not blocked credit .
Vehicle loan borrower's name is not relevant under sec 17(5)
He can avail ITC as GSTIN Number of firm is given in invoice and vehicle for transportation of goods are not blocked credit .
Vehicle loan borrower's name is not relevant under sec 17(5)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Query on effect of registration of property
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Visiting card purchase
- Equity Share Sale and Purchase
- Number of years as per AS amortisation of Goodwill
- Additional trade name
- Whether output tax is taken credit by purchaser
- Wrong CMPo8 file
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Foriegn assets disclosure
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
