ITC ON GOLD PURCHASE

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113 Points Posted on 11 March 2021
I am GST delear and I have purchased gold, can I avail the input tax of such purchase please clarify
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On 11 March 2021 at 10:51 Report
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This discussion clarifies the rules around claiming Input Tax Credit (ITC) on gold purchases for GST dealers. Generally, you can claim ITC on gold if it's part of your business operations. However, if you are not in the gold business, such as a textile spares trader, you are typically not eligible to claim ITC on gold purchases.

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Chartered Accountant
24588 Points Posted on 11 March 2021
Yes you can claim
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On 11 March 2021 at 12:34
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113 Points Posted on 11 March 2021
But I am a textile spares trader can I claim ITC still?
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On 11 March 2021 at 12:35
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Accountant
108 Points Posted on 11 March 2021
If not in gold business, you're not allow to take itc on gold purchase
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On 11 March 2021 at 14:19
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GST Practitioner
55067 Points Posted on 14 March 2021
No you cannot .
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On 14 March 2021 at 23:49

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