ITC on purchase of boat

This query is : Resolved 
Quick Summary
A company purchased a diving boat in March 2021 for business use and is seeking advice on claiming Input Tax Credit (ITC) for the financial year 2021-22. The boat is a 13-seater used for diving purposes. Advice suggests checking Section 17(5)(aa) of the GST law, which may impose restrictions on claiming ITC for vessels used in business.

Profile Image

Profile Image

(Querist)
09 June 2021
Dear Sir,

Our company has purchased diving boat for business in march' 21 , cost of Rs.35 . Shall i take ITC on purchase invoice this FY 2021-22 . i can take full itc or Partly.

Kindly advice.

Brdgs

R.S.Pandi
Profile Image

CA Altamush Zafar

Profile Image

CA Altamush Zafar (Expert)
09 June 2021 How will it be used for business ?
Profile Image

R S Pandi

Profile Image

R S Pandi (Querist)
09 June 2021 sir,
this boat ( 13 seater ) for diving purpose.
Profile Image

CA Altamush Zafar

Profile Image

CA Altamush Zafar (Expert)
09 June 2021 I believe this boat will come under the meaning of vessel and there are restrictions on taking ITC on it. Check section 17(5)(aa)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now



Similar Resolved Queries


loading


Unanswered Queries


Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Pro Member Ravinder paruthiRavinder paruthiPro Member ATUL MAKWANAATUL MAKWANAPro Member adarsh chaturvediadarsh chaturvediPro Member Manoj SharmaManoj SharmaPro Member Chnmaya parhiChnmaya parhi
Subscribe to Pro
Join an elite circle of professionals



Answer Query



Quick Links



Browse by Category