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Gst itc

Jagdish (Accountant) (84 Points)

05 August 2017

Can we claim ITC for GST paid for expenses incurred in the course of business but otherwise unrelated to the products of business like GST on phone bills, GST on stationery and GST on meeting with a client in a restaurant?

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CA Akhilesh Kumar Kandpal (Proprietor A K Kandpal & Associates) (1442 Points)
Replied 05 August 2017

as far as expenses is for business and is not covered under section 17(5), you will get input credit.....for example the restaurant expense you are talking about is covered under section 17(5), hence for that you will not get credit....however for other expenses you will get full credit if they are fully used for your business.....

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Poonamchand Varma ( Student) (204 Points)
Replied 05 August 2017

registered person shall entitled to take credit of input tax charged on any supply of goods or services or both to him which are used or intended to be used in the course or furtherance of his business ...except block credit