Input credit

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Jignesh Selarka (Querist)
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15 November 2018 Respected Sir/Madam,

My question is that can a retailer take input credit of Silver Coin if they are not in the business of jewellery?

Thanks & Regards,
Jignesh

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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15 November 2018 No, ITC can be taken only in the business of jewellery.

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Jignesh Selarka

Jignesh Selarka (Querist)
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15 November 2018 Ok Thank you so much Sir and kindly refer any section/notification no for the same.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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15 November 2018 GST Input Tax Credit Rules
You must be registered as a taxable person under GST.
Goods & services on which you want to claim ITC should have been used only for business purposes.
Input Tax Credit can be claimed on taxable & zero-rated supplies (exports).