I am a proprietor of my firm for providing services of renting motors vehicle (like car ) to Companies.
in this case RCM was applicable so i dont have to pay GST.
whether i purchased a car, ITC Can i take on purchase of car??????
Replies (2)
Quick Summary
This discussion explores whether a business providing car rental services can claim Input Tax Credit (ITC) on the purchase of vehicles. While RCM (Reverse Charge Mechanism) might apply to the services provided, the ability to claim ITC on the car itself is debated. The consensus leans towards being able to claim ITC on the car purchase, despite potential complexities with GST.