Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Goods Transport Vehicle

234 views

Save Share

Join Us Follow Us Add as Source

anil narayan akku

accountant

32 Points Posted on 03 February 2022

Respected Sir,

If 3 wheeler vehicle dealer purchased one goods transport vehicle for same firm as capital assets.for business use.

1.Is there GST application same firm because same firm is purchaser and Seller ?

Please guide me how to do accounting and GST Treatment.

Replies (2)

Quick Summary

This discussion addresses the GST and accounting treatment for a goods transport vehicle purchased by a firm for business use. It explores whether GST applies when the same firm acts as both purchaser and seller, and clarifies the eligibility for Input Tax Credit (ITC) on capital assets, noting potential blocked credits under Section 17(5).