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Input on vehicle and insurance
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..
Replies (4)
Yes ITC can be claimed
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.
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.
Prasad Nilkgal is correct. Further you deals in Exempted supply, so you are no eligible to claim ITC
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