Vehicle purchase

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ADV Ramesh Tiwari (Querist)
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04 August 2019 Hi dear
My question that I am a truck purchase only ours business use only my goods carriers so my business not INCOME for truck how arjest vehicles expenses and gst ITC CLAME eligible or not

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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04 August 2019 As truck is used for business to carry goods ITC can be claimed and expenses on vehicle allowed expenses.

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ADV Ramesh Tiwari

ADV Ramesh Tiwari (Querist)
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04 August 2019 CA R SEETHARAMAN
Sar not need truck INCOME sow in because not incom in my business only my goods carry balance sheet

Ankur

Ankur (Expert)
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04 August 2019 Ramesh ji, yadi aap, supply goods or service or both for further supply in the course of business ke liye use karte hai truck ko to aap ITC le sakte hai. yadi aap Further supply nahi karte truck se to aap ITC nahi le sakte hai.

Further, if you get some consideration against supply then you need to pay GST TAX as per prescribed in act, rule.

further that, ramesh ji if you made income then you need to pay Income tax as per income tax act.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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05 August 2019 No need to show truck income separately as it is used for business.

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ADV Ramesh Tiwari

ADV Ramesh Tiwari (Querist)
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05 August 2019 Hi Ankur ji
But I am only ours goods carrying til godown that sit
Not incom in my business only expenses. how arjest ?

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