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ITC OF INSURANCE

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Yasir

article assistant

500 Points Posted on 20 May 2023

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

Replies (4)

Quick Summary

This discussion clarifies whether a restaurant business can claim Input Tax Credit (ITC) on the purchase of a Tata Ace Loader used for material procurement and its associated insurance expenses. While initially suggested that ITC might be available for business purposes, the consensus leans towards it not being claimable for standalone restaurants, especially under the 5% GST rate without ITC, as per relevant notifications.

NARENDRA

ACCOUNTS MANAGER

2213 Points Posted on 20 May 2023

Yes.....you can get it.................... though vehicles are used for business purposes........... you can claim itc ..........

sabyasachi mukherjee

Profession

28261 Points Posted on 20 May 2023

For furtherancè of business.

Pankaj Rawat

GST Practitioner

55067 Points Posted on 20 May 2023

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 .