We have taken Bank Guarantee from SBI. Bank collected charges with GST and uploaded the same to GST portal in FY 18-19. Please advise can we take credit.
Thanks.
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ITC on Bank Charges
Replies (6)
Yes you can claim ITC
To, Sri Pankaj Rawar, Thanks
ITC can be availed on the same, you can get debit advise from bank which is similar to tax invoice ( Since holding a tax invoice is must for claiming ITC)
Yes you can claim ITC provided that the loan/Bank Guarantee is utilised in the course of business.
GST ITC on all types of expenses/goods/services "used in the course or furtherance of business" can be claimed in accordance with the Provision of Section 16(1) of the CGST Act 2017.
GST ITC on all types of expenses/goods/services "used in the course or furtherance of business" can be claimed in accordance with the Provision of Section 16(1) of the CGST Act 2017.
The provision of Section 16(1) of the CGST Act 2017 revealed that GST ITC on all types of Expenses,Goods, Services are used in the Course or furtherance of business can be claimed.
GST ITC on all types of expenses/goods/services "used in the course or furtherance of business" can be claimed in accordance with the Provision of Section 16(1) of the CGST Act 2017. Yes, I agree with this.
But, if a tax payer obtains Bank Guarantee to produce before the GST authority to postpone recovery of his dues of which he has questioned the same before appellate authority? Providing the BG to postpone government dues is coming under the purview of "Furtherance of Business"?
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