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INPUT TAX CREDIT CLAIMING RELATED

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rajdeep khatua

STUDENT

46 Points Posted on 17 November 2022

Can a person claim itc on truck insurance and maintenance of truck like purchase of truck parts and those trucks are using to transport of owner business Goods and trucks are in his name and he has proprietor business and he show trucks in balance sheet,,,can he claim itc???

Pl suggest

Replies (2)

Quick Summary

This discussion clarifies whether a proprietor can claim Input Tax Credit (ITC) on trucks used for transporting business goods. The consensus is yes, provided the trucks are registered in the owner's name, appear on the balance sheet, and are used for further supply, transportation of goods, or related services as per Section 17(5) of the CGST Act, 2017.

kl Bhavana

Student CA Final

422 Points Posted on 17 November 2022

As per section 17(5) of CGST Act, 2017 ITC on motor vehicle can be availed if it is used for further supply of such vehicles or for transportation of goods or passengers or for imparting training services.