ITC on purchase of transport vehicle
This query is : Resolved
21 January 2020
Sir,
My friend is running a Propreitory business and manufactures steel bench and desk, Bearau, etc. To
transport these goods to his customers' place, he has purchased a Tata Ace, commercial vehicle in Dec 2019
in the name of his Business ( Not in his personal name ).
Now, can he claim ITC on the purchase of the said vehicle and the GST paid on the insurance amount ?
Pls. advice.
My friend is running a Propreitory business and manufactures steel bench and desk, Bearau, etc. To
transport these goods to his customers' place, he has purchased a Tata Ace, commercial vehicle in Dec 2019
in the name of his Business ( Not in his personal name ).
Now, can he claim ITC on the purchase of the said vehicle and the GST paid on the insurance amount ?
Pls. advice.
21 January 2020
Yes ,he claim ITC on the purchase of the said vehicle and the GST paid on the insurance amount.
As per Sec 17(5)- ITC is available for motor vehicle purchased for transportation of Goods .GST Amendment Act allows to take ITC on insurance for those vehicles which are not covered under Blocked Credit as per sec 17(5)
As per Sec 17(5)- ITC is available for motor vehicle purchased for transportation of Goods .GST Amendment Act allows to take ITC on insurance for those vehicles which are not covered under Blocked Credit as per sec 17(5)
23 January 2020
Thanks for your kind reply.
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