ITC on Loan Prepayment Charge

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Accountant
3662 Points Posted on 21 October 2020
Can I claim ITC on Loan Prepayment charges ?
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On 21 October 2020 at 09:39 Report
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Quick Summary
This discussion clarifies whether Input Tax Credit (ITC) can be claimed on loan prepayment charges. The consensus is that ITC is claimable if the loan is a business-related expense. However, it is subject to the conditions outlined in Section 16 of the CGST Act.

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197 Points Posted on 21 October 2020
Yes...if loan is business loan
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On 21 October 2020 at 10:37
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Accountant
3662 Points Posted on 21 October 2020
Are you sure
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On 21 October 2020 at 11:14
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238 Points Posted on 21 October 2020
Yes if this is business related expenses then only you can take it for sure.....
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On 21 October 2020 at 20:09
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GST Practitioner
55067 Points Posted on 22 October 2020
Yes the ITC can be claimed in subject to conditions prescribed in Section 16 of CGST Act
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On 22 October 2020 at 00:23
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2 Points Posted on 13 July 2022

Can I claim ITC on Loan Prepayment charges , I have taken Loan Against Property now I want pay prepayment. Can I claim ITC or not.

 

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On 13 July 2022 at 17:28

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