Input on purchase of Capital goods
This query is : Resolved
20 March 2022
Hi sir,
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.
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
Petrol is non GST item. Hence input GST can't be claimed on assets used for petrol business.
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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