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ITC available or not.?


RAHUL (Student)     01 June 2020

RAHUL
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One partnership firm bought a van for the transportation of its goods from one place to another. This van is registered in a partner's name. so can that firm take the ITC of that Van.?

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Sahil Shah   01 June 2020

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Since we saw in your previous question that Vehicle purchased in name of partner can be used for partnership firm's business and can be shown as firm's asset, its itc will be available as it is used for goods transport.

Rajkumar Patel   01 June 2020

Rajkumar Patel

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Sorry, sahil sir, we can't say that partner assets used in business is firm's asset.

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Vishesh Surana   01 June 2020

Vishesh Surana

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But in whose name the invoice is issued?

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RAHUL (Student)     01 June 2020

RAHUL
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Firm's name

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Shivam RC (Student)     01 June 2020

Shivam RC
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@ RAHUL Sir,

As per my view Input Tax Credit ( ITC ) on Van which is being used for transportation of Goods can be claimed. I guess the Invoice contains the GSTIN of your Partnership Firm.

The Van may be registered in the name of Partner with the RTO ( since Partnership Firm is not a separate legal entity ), but only ensure that the Invoice is issued in the Firm's name with the GSTIN. You can also claim Depreciation ( as per Section 32 of the Income Tax Act 1961 ) on the Van under W.D.V Method.

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Vishesh Surana   02 June 2020

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You can claim the ITC as invoice is issued in the name of the firm and is solely used for business purposes

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RAHUL (Student)     02 June 2020

RAHUL
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But is there any need to register the vehicle as a taxi and use yellow number plates..?

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Shivam RC (Student)     02 June 2020

Shivam RC
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It's a Commercial Vehicle Sir. The Van is being used for transportation of goods. Hence it needs to be registered as a Commercial Vehicle and accordingly Yellow Number plate will be applicable.

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RAHUL (Student)     02 June 2020

RAHUL
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Thank you


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