company has purchased a motor c ar and availed services for repairs. Can the company claim input tax credit on services. Car is registered in company's name.
Yes... You can take ITC as using for your business.... u/s 17(5). ITC on vehicle repair and maintenance is allowed only if vehicle is used for business purpose. tyre replacement also comes under this category.
No you cannot As it's under Section 17(5) ITC shall not be available in RESPECT OF the following:
1. Motor vehicle and other conveyance
kindly not specifically The Word "in Respect of ™ means anything related to Vehicle like repair & insurance Etc And moreover further it's specified the condition on which the ITC is available .... (i) for making the following taxable nsupplies, namely:— (A) further supply of such vehicles or conveyances ; or (B) transportation of passengers; or (C) imparting training on driving, flying, navigating such vehicles or conveyances; (ii) for transportation of goods;
Sir can we take input tax credit on business trip i mean trip conducted on official purpose and also we have purchased tyres for business purpose in the name of company name. Can we claim Input tax credit on it.