ITC against Car
Yogesh Mundra (22 Points)
01 November 2017
Can proprietor take ITC against newly purchased car in his firm ?
Yogesh Mundra (22 Points)
01 November 2017
Saikrishnan S
(Chartered accountant - Plintron)
(186 Points)
Replied 01 November 2017
According to section 17(5) of CGST act, input on Motor vehicles and other conveyances are allowed only if they are used :
1) for further supply of such vehicles or conveyance
2) Transportation of passengers
3) Imparting training on driving, flying, navigating such vehicles or conveyances
4) for transportation of goods
If for other purposes INPUT shall not be taken.
RAJA P M
("Do the Right Thing...!!!")
(127455 Points)
Replied 01 November 2017
Yogesh Mundra
(22 Points)
Replied 01 November 2017
Saikrishnan S
(Chartered accountant - Plintron)
(186 Points)
Replied 01 November 2017
Input credit depends on what nature of business is the proprietor is into.
Only for above mentioned list, input is allowed.
Navjot Rani
(25 Points)
Replied 05 November 2017
CAclubindia
