ITC
This query is : Resolved
10 December 2020
SIR
We are running GTA Private Limited Company (On Reverse Charge Mechanism). We are not eligible for availing ITC on tyres,spares etc., So we suffer lot by paying GST on purchases.
In case if we start an additional business for ex. A steel trading business along with GTA in the same GST number, Can we become eligible for availing ITC on both the Purchase on GTA business as well as the Purchase in trading business?
If it is possible, Can it be utilized towards the sales in trading business?
Plz guide me sir
thanks in adv
SIR
We are running GTA Private Limited Company (On Reverse Charge Mechanism). We are not eligible for availing ITC on tyres,spares etc., So we suffer lot by paying GST on purchases.
In case if we start an additional business for ex. A steel trading business along with GTA in the same GST number, Can we become eligible for availing ITC on both the Purchase on GTA business as well as the Purchase in trading business?
If it is possible, Can it be utilized towards the sales in trading business?
Plz guide me sir
thanks in adv
10 December 2020
You can opt to pay 12% gst on transportation services and avail full iTC.
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