ITC claim on Sundry assets

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This query is : Resolved

Quick Summary

Retail traders can generally claim Input Tax Credit (ITC) on sundry assets such as mobile phones, computers, and printers, provided they are used for business purposes. However, ITC on two-wheelers is an exception and cannot be claimed. If your business also involves making exempted supplies, specific rules apply regarding proportionate ITC over 60 months.

Mahabir Prasad Agarwal

Mahabir Prasad Agarwal (Querist)

17 November 2021 Sir, being a retail traders, If I Purchase sundry assets like mobile phone, computer, printers, two wheeler, which are being used by my myself/my staff for business purposes, may I claim ITC on the same ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

17 November 2021 YES. EXCEPT TWO WHEELER.

CA Kushwanth AVSR

CA Kushwanth AVSR (Expert)

17 November 2021 If you are making only taxable supplies, then you can avail ITC except on Motor Vehicles. If you are also supplying exempted supplies then Rule 43 applies and only proportionate ITC will be available over 60 months...

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