Dear Sir /Madam,
we are partnership firm as well as we are taking input on Purchase of Raw matireal.
My query is .
recently My MD was bought New car in The company Name ..car invoice saying GST out put Tax.
here shall we take input claims and remain to be Paid GST portal ?
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In put GST of Purchase of Car / Fixed Assets
Replies (5)
Dear Mr. Subramanyam,
ITC on motor vehicles can be claimed only if they are used for
- further supply of such vehicles or
- transportation of goods/ passengers or
- imparting training on flying, driving etc
i.e. outward supply shall be either of the above three so as to claim ITC. In all cases, ITC can not be claimed.
Hope it clears your doubt!
Regards
CA Aravind Penugonda
1) Incase of Employee's Transport ie pick up and Drop for office.
2) Incase of Car was purchased for using MD personal / ofcourse the above inv's in the name of company only ....
* Shall we take in put of GST ?
* if Yes how to Pass an entry in Tally software ?
* if exempt to avail ITC ?
2) Incase of Car was purchased for using MD personal / ofcourse the above inv's in the name of company only ....
* Shall we take in put of GST ?
* if Yes how to Pass an entry in Tally software ?
* if exempt to avail ITC ?
and if once we capitalise this car without obtaing ( Claiming ) ITC and sold next year can GST apply on that sale ( In next year ) ?
most are confuse in second sale ( asume that car purchase for personal use and taken in to account and sold after two year )
?
No sales at all ,its life time uses
1) u can avail itc
2)u cant avail itc
2)u cant avail itc
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