Itc on gold purchase

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Accountent
61 Points Posted on 11 July 2019
can we take itc on purchase of gold
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On 11 July 2019 at 19:52 Report
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Quick Summary
ITC on gold purchase is not allowed if it is for personal use. As per Section 16(1) of CGST Act, ITC is available only for business use. If gold is purchased for business purposes and reflected in GSTR-2A, ITC may be eligible, otherwise it is blocked.

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Audit assistant
101 Points Posted on 12 July 2019
s u can
if reflect in ur 2A
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On 12 July 2019 at 00:31
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Student
23693 Points Posted on 12 July 2019
For what purpose have you purchased it ???
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On 12 July 2019 at 09:45
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Accountent
61 Points Posted on 12 July 2019
gold brought for personal
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On 12 July 2019 at 16:57
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Student
23693 Points Posted on 13 July 2019
Then you cannot claim ITC on Gold.

According to the Provision of Section 16(1) of the CGST Act 2017, ITC can be claimed only on those expenses which are in the course or furtherance of business.

Since you have purchased gold for Personal Consumption, you cannot claim ITC.

Warm Regards.
1 Reply
On 13 July 2019 at 16:24

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