input tax credit on purchase of bike on finance
Ankit kumar (245 Points)
13 January 2019
sir plz tell me rule regarding purchase of bike on finance???
5 Replies
Vinod Babu
(24196 Points)
Replied 13 January 2019
Please refer section 17(5) of CGST Act .
ITC not available for Purchase of Two wheeler.
ITC not available for Purchase of Two wheeler.
Mohit lodhi
(student)
(952 Points)
Replied 13 January 2019
As per section - 17(5)(a) ITC not available on motor vehicles.
As per section - 2(76) motor vehicle" shall have the same meaning as assigned to it in clause [28] of Section 2 of the Motor Vehicles Act, 1988;
As per section - 2(28) of Motor Vehicle Act, 1988; “motor vehicle” or “vehicle” means any mechanically propelled vehicle adapted for use upon roads whether the power of propulsion is transmitted thereto from an external or internal source and includes a chassis to which a body has not been attached and a trailer; but does not include a vehicle running upon fixed rails or a vehicle of a special type adapted for use only in a factory or in any other enclosed premises or ''''a vehicle having less than four wheels fitted with engine capacity of not exceeding 4[twenty-five cubic centimetres]; 1[twenty-five cubic centimetres.''''
As per section - 2(76) motor vehicle" shall have the same meaning as assigned to it in clause [28] of Section 2 of the Motor Vehicles Act, 1988;
As per section - 2(28) of Motor Vehicle Act, 1988; “motor vehicle” or “vehicle” means any mechanically propelled vehicle adapted for use upon roads whether the power of propulsion is transmitted thereto from an external or internal source and includes a chassis to which a body has not been attached and a trailer; but does not include a vehicle running upon fixed rails or a vehicle of a special type adapted for use only in a factory or in any other enclosed premises or ''''a vehicle having less than four wheels fitted with engine capacity of not exceeding 4[twenty-five cubic centimetres]; 1[twenty-five cubic centimetres.''''
pritesh
(CA Final student)
(7101 Points)
Replied 13 January 2019
please read sec17(5)
you cannot take itc
you cannot take itc
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