Itc on transport vehicle..

NAGA (ACCOUNTANT) (518 Points)

11 January 2021

sir
I am selling wood pieces(fire purpose) to companies with our own vehicle. (lorry)
now can I take itc for this vehicle

Reply
Follow
Share

3 Replies

Heli Shah (Article Assistant) (60 Points)
Replied 11 January 2021

Yes u can avail ITC on same.

Krishna Chaudhary (Accountant) (4531 Points)
Replied 16 January 2021

As per provisions of GST you cannot take ITC but there are loophole to misuse the provisions

CA Rashmi Gandhi (Chartered Accountant) (86461 Points)
Replied 23 January 2021

If you are using it for exempted supplies also, then you have to reverse the ITC proportionately as per Rule 42/43

1 Like

Start a New Discussion