Goods Transport Vehicle

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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.

 

 

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On 03 February 2022 at 01:01 Report
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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).

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Chief Accountant
3150 Points Posted on 04 February 2022
As it's trasport vehicle, u can claim ITC.
Capitalised the same in your books of account, if its capital asset for u
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On 04 February 2022 at 21:02
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Profession Business
28246 Points Posted on 07 February 2022
Sec 17(5) blocked credit is applicable, cannot claim ITC
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On 07 February 2022 at 06:59

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