ITC claim on Sundry assets
This query is : Resolved
Quick Summary
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 ?
17 November 2021
YES. EXCEPT TWO WHEELER.
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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