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ITC on mini truck
A registered purchase want to buy a mini truck for business use to sale his goods intra state and inter state supply was able to claim ITC on that vehicle.
Replies (3)
Quick Summary
Yes, You can claim such ITC if it's used in Your business...
Provisions for sec 17(5) has to be observed.
A mini truck for goods: ITC allowed:
• A mini truck (goods carriage) is a motor vehicle for transport of goods. Sec 17(5)(a) blocks ITC only for vehicles for transport of persons (13 or fewer seats). So ITC on the mini truck, its repairs and insurance is allowed if used in business (transporting your goods).
• Capital goods ITC is taken in full when invoiced. If later sold, Sec 18(6) applies.
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