Please clarify the following
goods vehicle purchased by transporter and input availed. after leased to GTA who is opt for 5%Gst with out talking input credit. what about input credit on leased vehicle.
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Goods vehicle leased out to GTA by transporter after taking input cresit
Replies (1)
Summary: Whether you can claim ITC depends on whether your lease service to the GTA is taxable or exempt. If you are charging GST on the lease rentals, you can generally claim ITC on the vehicle as a business asset. If the lease is provided as an exempt service, you cannot claim ITC and must reverse any previously availed credit. The GTA's choice of the 5% (no-ITC) scheme primarily restricts their own credit, not necessarily yours, unless your supply to them is also categorized as exempt.
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