Section 17(5) of CGST Act specifies that you are not eligible to ITC on conveyance. However exception inter alia includes transportation of goods. That means if you are transporting goods in your vehicle, you are eligible to ITC. Right?
Now my question is if a company owns a cash van.. i. e. it uses the van to carry the cash. would it be eligible for ITC. Since cash is not covered under goods and also this case is not covered under other exception. so whether is it eligible to ITC?
No, as you mentioned cash is not a good so no ITC.
CAclubindia
