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ITC ON VEHICLE


Priyokumar Thounaojam   20 April 2019

Priyokumar Thounaojam

 2 likes  138 points

| My Other Post

how to claim itc for vehicle purchase for transportation.

avater

CA. Punith Harish (PRACTICING CHARTERED ACCOUNTANT)     20 April 2019

CA. Punith Harish
PRACTICING CHARTERED ACCOUNTANT 
 14 likes  445 points

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As per section 17 (5) input tax credit shall not be available in respect of the motor vehicles and other conveyances, however, following are the exceptional to the same –

  1. Motor vehicles and other conveyances used for making following taxable supplies –
  • Further supply of such vehicles or conveyances;
  • Transportation of passengers;
  • Imparting training on driving, flying, navigating such vehicles or conveyances.
  1. Motor vehicles and other conveyances that has been used for transportation of goods.

If you are using the vehicle for transportation business you can consider the same as capital assets and claim the ITC on the same.

 

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Priyokumar Thounaojam   20 April 2019

Priyokumar Thounaojam

 2 likes  138 points

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i ve purchase tanker for my petrol pump. can i avail itc at one time.

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Pankaj Rawat (GST Practitioner)     21 April 2019

Pankaj Rawat
GST Practitioner 
 3418 likes  46379 points

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Yes you can avail ITC at one shot


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