Input tax credit
This query is : Resolved
08 August 2017
in a business of renting heavy earthmovers like JCB Machines and Loaders, a large amount of direct expenses is there in form of Grees-Lubricants and Parts-Accessories and repair/maintenance.
Is ITC is admissible on all these expenses.
Beside this is can one take ITC on all business expenses like telephone/stationaries/accounting softwares exp/Bank charges; except on Travelling and Fooding exp.
Kindly elaborate and advice.
Thanks
Is ITC is admissible on all these expenses.
Beside this is can one take ITC on all business expenses like telephone/stationaries/accounting softwares exp/Bank charges; except on Travelling and Fooding exp.
Kindly elaborate and advice.
Thanks
08 August 2017
Yes. You can Take ITC. If all bills are received from Registered Dealer (regular) then only you can claim ITC.
If not you ll be pay Tax under RCM basis then you can reverse it on next returns..
If not you ll be pay Tax under RCM basis then you can reverse it on next returns..
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