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ITC ON TRACTOR PURCHASE FOR GOODS TRANSPORTATION

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Accounts n Business Owner
191 Points Posted on 18 April 2021
Respective

sir /madam

one of my client dealings in water supplies. now he want to purchase TRACTOR for transportation of his own products ( water) . in this case ITC on TRACTOR can be claimed??
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On 18 April 2021 at 14:49 Report
Replies (4)
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Chartered Accountant
24588 Points Posted on 18 April 2021
Yes ITC can be claimed as it is used for furtherance of business and for transportation
1 Reply
On 18 April 2021 at 15:03
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GST Consultant
15986 Points Posted on 18 April 2021

ITC allowed provided all other conditions of section 16 and 17 are complied

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On 18 April 2021 at 15:21
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1388 Points Posted on 18 April 2021
Yes itc would be allowed as he is going to use tractor for business purposes
1 Reply
On 18 April 2021 at 15:30
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GST Practitioner
55067 Points Posted on 18 April 2021
Yes ITC is definitely available...... but subject to conditions prescribed in section 17(2) it's available if your outward supply is taxable.

So in term of Rule 43 need to reverse the ITC in proportion to Exempted supply.


Note : Supply of water to MC is Exempted vide Notification 12/2017 CT (r)
1 Reply
On 18 April 2021 at 15:49


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