Itc credit

197 views
User Avatar

196 Points Posted on 29 August 2020
sir , car purchase for company use ..
shall I take allow credit..
0 Reply Share Follow
On 29 August 2020 at 11:24 Report
Replies (3)
Quick Summary
Input Tax Credit (ITC) on cars purchased for company use is generally blocked under Section 17(5) of the GST law. There are a few exceptions where ITC might be allowed, such as when the car is used for further supply, for driving instruction, or for passenger transport. ITC on related expenses like insurance and repairs is also typically disallowed.

User Avatar

Practice
4510 Points Posted on 29 August 2020

ITC Blocked under section 17(5) related to car 

Reply
On 29 August 2020 at 11:37
User Avatar

Associate
59 Points Posted on 29 August 2020

Dear Purushothaman Raja,

Input tax credit on car is blocked in terms of section 17(5), however few exceptions ITC is allowed when used for further supply of such car/cars, used for imparting driving skills, transportation of passengers. Therefore not allowed.

Further credit on general insurance and repairs and maintenance on the car also not allowed

Reply
On 29 August 2020 at 11:43
User Avatar

196 Points Posted on 29 August 2020
Thank u sir
Reply
On 29 August 2020 at 11:49

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Updating form 10-ee and Schedule FA if there is ch
  2. Sale of property in SLUM area ....SRA
  3. GST applicability on Shipping charges
  4. Outstanding Demand in Income Tax: How To Respond?
  5. LTCG on property sale
  6. Capital gains incidence due to bonus shares
  7. Amendment of Object Clause of Memorandum
  8. How Can I Request a Refund for an Accidental Airte
  9. TDS on salary paid in cash
  10. YEAR END GST ENTRY FOR RCM NOT PAID RS 5000 I.E OU

More recent discussions | Post

Related Topics :

Loading