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ITC on Purchase of car
In a propreitary business car is purchased, can I calim ITC, in GST2A it is reflecting.
Replies (7)
itc on car purchase not allowed. only a car dealer can take itc
if you have provided your gstin to the showroom, and in gstr2a it is reflecting, so you can take the itc credit
motor vehicles for transportation of persons having approved seating capacity of not more than thirteen persons [including the driver], except when they are used for making the following taxable supplies, namely:—
[A] further supply of such vehicles or conveyances ; or
[B] transportation of passengers; or
[C] imparting training on driving, flying, navigating such vehicles or conveyances;
[A] further supply of such vehicles or conveyances ; or
[B] transportation of passengers; or
[C] imparting training on driving, flying, navigating such vehicles or conveyances;
ITC on Motor Vehicles is BLOCKED u/s 17(5) of the CGST Act 2017.
However, there are few exceptions. For what purpose you have purchased the vehicle ???
However, there are few exceptions. For what purpose you have purchased the vehicle ???
Sir,
We have purchased mobile phone for business purpose. Can i claim deprecation and ITC on mobile phone
Sir,
We have purchased mobile phone for business purpose. Can i claim deprecation and ITC on mobile phone
Yes you can claim ITC on Mobile Phone purchased for business purpose provided that all the 4 conditions as laid down u/s 16(2) of the CGST Act 2017 have been satisfied.
However, by virtue of Section 16(3) of the CGST Act 2017, if ITC on Tax portion is claimed,then no Depreciation will be allowed u/s 32 of the Income Tax Act 1961 on the Tax portion.
However, by virtue of Section 16(3) of the CGST Act 2017, if ITC on Tax portion is claimed,then no Depreciation will be allowed u/s 32 of the Income Tax Act 1961 on the Tax portion.
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