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Claim of ITC
If a farmer is registered under GST and having a GSTIN number than can he claim the ITC if he purchase a new tractor.
Replies (3)
Quick Summary
If the tractor is purchased for own use than you cant claim the ITC. But if you are selling a tractor to someone else than you claim the ITC.
Yes you can avail ITC , but when the Outward supply is Exempted , need to reverse the ITC as per section 17(2) r/w rule 43 of CGST Act .
Note : ITC shall be restricted to taxable supply & no credit is available in respect of goods used for effecting Exempted supplies
Note : ITC shall be restricted to taxable supply & no credit is available in respect of goods used for effecting Exempted supplies
Yes... I agreed to Mr Pankaj Rawat Ji reply...
@ Mr Rajan Dubey.,
If the Former's supplies are exempted then ITC will not claimable and it will reversible in GST return.
May be making any taxable supplies also with exempted supplies then ITC will be taken as per ratios...
@ Mr Rajan Dubey.,
If the Former's supplies are exempted then ITC will not claimable and it will reversible in GST return.
May be making any taxable supplies also with exempted supplies then ITC will be taken as per ratios...
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