ITC on car purchased

226 views
User Avatar

292 Points Posted on 27 October 2020
In a partnership firm Car is purchased in the name of one of the partners and GSTIN of the FIRM has been provided to vendor...Whether ITC will be allowed in the FIRM...
0 Reply Share Follow
On 27 October 2020 at 08:49 Report
Replies (2)
Quick Summary
This discussion clarifies whether a partnership firm can claim Input Tax Credit (ITC) on a car purchased in a partner's name but registered under the firm's GSTIN. Generally, ITC on cars is not allowed unless the vehicle is used for transporting passengers or goods for business purposes. Personal use of the car will prevent ITC claims.

User Avatar

Accountant
3662 Points Posted on 27 October 2020
No allowed, you can't claim ITC on Car
Reply
On 27 October 2020 at 08:53
User Avatar

285 Points Posted on 27 October 2020
Had you purchased the car in the name of firm and used for transportation of passengers or goods then you can claim itc , even on the expenses incidental to the purchase of car . But for personal purposes you cant claim itc.
1 Reply
On 27 October 2020 at 09:16

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Guidance Required on Filing Fresh Registration und
  2. IT Return Refund Status AY 2026-27
  3. Clarification Regarding Income Tax Demand Notice
  4. Online PAN Download: Check How?
  5. Demand of Late fee/Interest under section 75 of GS
  6. DSC registration on TRACES portal
  7. Can we get registered for MCA if we get a Virtual
  8. DONATION PAYMENT REG
  9. GST IDS Refund – Statement 01A: Invoice Not
  10. TDS deposit code & TDS return

More recent discussions | Post

Related Topics :

Loading