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Input on vehicle and insurance

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514 Points Posted on 18 October 2021
i am dealing with exempted supply .recently i bought a vehicle for my business for that i have paid inputs.can i take it as my input??also input paid on insurance for vehicle?? pls give me a reply..
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On 18 October 2021 at 15:36 Report
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Chartered Accountant
24588 Points Posted on 18 October 2021
Yes ITC can be claimed
129 Reply
On 18 October 2021 at 16:54
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GST Practitioner & Accounts
15085 Points Posted on 18 October 2021
In my opinion ,as per section 17(2) of the CGST act 2017 , you can not take input tax credit in both the cases , because you are dealing with exempt supply . please confirm with others also.
24 Reply
On 18 October 2021 at 17:04
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Accountant
43 Points Posted on 18 October 2021

Dear Sir,

If you are dealing with same business then only. like Apart from the business of automobiles no one can claim their ITC OF personal expenses or purchases related to automobiles. So you cant claim ITC on motor vehicle insurance.

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On 18 October 2021 at 18:00
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70 Points Posted on 18 October 2021
Prasad Nilkgal is correct. Further you deals in Exempted supply, so you are no eligible to claim ITC
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On 18 October 2021 at 19:16


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