CLAIMING ITC ON PURCHASE OF JCB WHICH IS USED FOR LEASE

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Practicing Chartered Accountant
119 Points Posted on 31 August 2021
I have purchased a JCB which is used for leasing to others. Can I claim ITC on that JCB or not?
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On 31 August 2021 at 12:50 Report
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Quick Summary
This discussion clarifies whether Input Tax Credit (ITC) can be claimed on the purchase of a JCB intended for leasing. The consensus is that ITC is claimable, provided that the outward supply of leasing services is not exempt from GST. This means if your leasing business is taxable, you can claim the ITC on the JCB.

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602 Points Posted on 31 August 2021
100% you can claim ITC on JCB subject to your outward supply should not be exempt.
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On 31 August 2021 at 13:17
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GST Practitioner
55067 Points Posted on 31 August 2021
Yes ITC can be claimed
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On 31 August 2021 at 23:12
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Practicing Chartered Accountant
119 Points Posted on 01 September 2021
Ok....thank you
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On 01 September 2021 at 08:21

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