I derive income from agricultural activity n it is exempt.
I do have rental income for which am collecting GST n paying the same to govt..
I purchase few semi-agricultural products on which I pay GST..
now can I claim that GST input ?
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ITC - Agricultural income
Replies (3)
yes. you are supplier of taxable supplies of goods/services. The inputs seem to be intended to be used in the course of business. Therefore, yes.
No you can not claim ITC because ITC on agricultural product is inéligible in your case as product is used for agricultural purpose which is exempt un GST
I agree with Mr Dugar. I had misunderstood the question. Section 17(2) is applicable in this case and you are eligible to ITC only on input tax which is attributable to taxable supplies. The tax paid on semi-agricultural products is not attributable to taxable supplies. Therefore, ITC is not admissible.
Thanx Mr. Dugar for the correction.
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