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Is ITC eligible on Books sold to student

ITC / Input 647 views 10 replies
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Exceutive Accountant
85 Points Posted on 09 July 2018
School purchased Books, Note book, belt, uniforms etc to provide student. But school collects from student more than the purchase cost. School takes credit on his purchase. is the school eligible to get input credit?
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On 09 July 2018 at 16:22 Report
Replies (10)
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Chartered Accountant
12739 Points Posted on 09 July 2018

school can't take credit of any input under gst 

1 Reply
On 09 July 2018 at 16:33
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123 Points Posted on 09 July 2018
school does not sale BOOKS to students.
1 Reply
On 09 July 2018 at 22:01
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Exceutive Accountant
85 Points Posted on 09 July 2018
collecting book fee, belt fee, diary fee etc
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On 09 July 2018 at 22:38
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24196 Points Posted on 09 July 2018
I also think that ITC cannot be claimed.
1 Reply
On 09 July 2018 at 22:56
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123 Points Posted on 10 July 2018
school does 't cover under GST
1 Reply
On 10 July 2018 at 07:05
Guest
Whether the school is registered and charging GST on sale?
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On 10 July 2018 at 08:09
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Exceutive Accountant
85 Points Posted on 10 July 2018
School registered under GST. sale of old benches, Xerox machine are comes under GST
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On 10 July 2018 at 09:55
Guest
Then yes, the school can claim credit of tax paid on books purchased and sold to students by charging GST.
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On 10 July 2018 at 10:00
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Exceutive Accountant
85 Points Posted on 10 July 2018
Tuition fees is exempted hence didn't charge any GST on collecting fees. in that case school can claim ITC
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On 10 July 2018 at 10:20
Guest
You mean the tuition fee is inclusive of the books price. Then, no you cannot claim credit if you're not charging or cannot charge GST.
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On 10 July 2018 at 10:57


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