Hi sir I am Registered person running hardware business and now started my own Transport Business..my Query is ..can I claim ITC on purchases of vehicles and what is rate of GST for transport please Advise... thaks in Advance
Sabyasachi, read it carefully, passenger transport credit is blocked. And if you want to more clarity then visit https://www.taxmanagementindia.com/web/View_discussions_detail.asp?ID=116134.
Let me just explain the details of Sec 17(5) 1. though the defination of input tax is broad , input tax credit shall not be available in respect of activities and transactions specified in Sec 17(5). The specific exclusion means that for such exclusion by blocking credit the input tax credit . In 2019 some of the sections are amended substantially vide cgst act w.e.f. 1.2.2019. Some itc which was not eligible earlier is eligible from 2019. Itc is not available from 2019.Motor vehicles forvtransportation of persons having approved seating capacity of 13 persons or less including driver except when used for further supply. Input tax credit on leasing _hiring is also not available. vessels or aircrafts used for making outward supply of same category of goods and services is disallowed.
You can claim so as you are using it for transport business, but if you not paying any tax on transport receipts on forward charge then no ITC will be available
one of my client is registered person and doing hardware business as well as he is having one own heavy vehicle (Truck) for transport of Goods (not in GTA) my doubt is transport Receipt is taxable or not ??? he is not paying any Tax on transport receipt now .. please Advise thanks in advance
Leave a Reply
Your are not logged in . Please login to post replies