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expenses

Furkhan R (74 Points)

15 March 2019

ITC claim for which expenses. anyone give me the details and ineligible ITC which expenses.

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4 Replies

S.vasudeva Reddy (10 Points)
Replied 15 March 2019

itc on food & beverage, itc on expense relating staff welfare,itc on expenses relating to building construction like cement expense,etc,itc on vehicle purchases, insurance on vehicle should not taken as ITC on above mentioned expenses

Furkhan R (74 Points)
Replied 15 March 2019

ITC on printing & stationery
" on vehicle spares, machinery spares, vehicle insurance

pritesh (CA Final student) (7101 Points)
Replied 15 March 2019

Please refer sec17(5)

Shivam RC (Student) (23683 Points)
Replied 15 March 2019

ITC can be claimed on all those Expenses which are used in the course of or furtherance of business as per Section 16(1). Although, you have to satisfy all the 4 conditions as laid down under Section 16(2) of the CGST Act 2017, to claim ITC, which are summarised below :

1). Possession of a Tax Invoice.
2). You must have received the Goods or Services or both.
3). Supplier must have paid the Taxes to the Government.
4). Return must be filed.

However, the Government has specifically BLOCKED the credit ( ITC ) of some expenses, the list of which is in Section 17(5) of the CGST Act 2017.

Regards.