Sir
we are a Partnership Firm. Can we take ITC on Capital Goods like vehicles etc?
if No...why??
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ITC on Capital Goods
Replies (2)
What is your principal business as vehicle ITC is restrict under 17(5)
EXCEPT when they are used––
(i) for making the following taxable supplies, namely:—
(A) further supply of such vehicles or conveyances ; or
(B) transportation of passengers; or
(C) imparting training on driving, flying, navigating such vehicles
or conveyances;
(ii) for transportation of goods;
43 of 1961.
So if u fall under above list, thus u can take ITC
EXCEPT when they are used––
(i) for making the following taxable supplies, namely:—
(A) further supply of such vehicles or conveyances ; or
(B) transportation of passengers; or
(C) imparting training on driving, flying, navigating such vehicles
or conveyances;
(ii) for transportation of goods;
43 of 1961.
So if u fall under above list, thus u can take ITC
further supply of goods
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