Sir
Regarding ITC on car purchase have some clarification, that is one car purchased in the name of an individual (Having GST Registration) and the vehicle is given to an partnership firm in an rental basis (Furnished all rental conditions) for their business purpose. That individual is also an one partner of that firm. In this scenario that individual can take the input credit ? Any issues comes in Audit ? Please advise an valuable solution.
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ITC on motor car purchase
Replies (5)
The credit is absolutely available in this case to the Registered Individual.
"and the vehicle is given to an partnership firm in an rental basis"
- Is the vehicle is under Commercial Registration...? If Yes...
Then Also Yes for ITC...
If No... Then no way for claim ITC 😥😥😥
- Is the vehicle is under Commercial Registration...? If Yes...
Then Also Yes for ITC...
If No... Then no way for claim ITC 😥😥😥
Yes... I agreed to Mr Raja P M View.,
ITC not available if vehicle registration is individual usage
as per my view motor car is blocked credit.....
if seating capacity exceed 13 seats the you can take the credit. but not now govt going to do the amendment....
if seating capacity exceed 13 seats the you can take the credit. but not now govt going to do the amendment....
In my view, ITC is available only if Car is used for making Outward supply of Passenger transport service and it it commercial registered.
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