ww have a restuarant business
we purchased a TATA Ace Loader
for purchasing of materials for Restaurant purpose
can i take ITC on Above purchase
and Insurance Expenses ITC available or not on above vehicles
Menu
ITC OF INSURANCE
Replies (4)
Quick Summary
Yes.....you can get it.................... though vehicles are used for business purposes........... you can claim itc ..........
For furtherancè of business.
In term of Notification 46/2017-Central Tax (Rate)
All stand-alone restaurants irrespective of air conditioned or otherwise, will attract 5% without ITC. Food parcels (or takeaways) will also attract 5% GST without ITC.
ITC is not available to you hence cannot claim ITC .
All stand-alone restaurants irrespective of air conditioned or otherwise, will attract 5% without ITC. Food parcels (or takeaways) will also attract 5% GST without ITC.
ITC is not available to you hence cannot claim ITC .
ITC is not available. Dont avail
Recent Topics :
- How do you collect documents from clients for ITR
- GST ITC on Construction/ Tenant Specific Renovatio
- GST Treatment and Reporting of Share & Mutual
- AGM Defective Notice
- IMS Rejection of Sales and Sales return
- Taxation of Gift - Father to Daughter
- TDS on Property Purchased above 50lakh
- Accounting Treatment in Tally for Restaurant Sales
- Form 146 required
- Rule 86(B) Applicability
Related Topics :
CAclubindia
