Whether ITC can be claimed for a scorpio vehicle purchased to supply on contract basis to any PSU?
If yes, then what should be the amount, will it be treated as capital good and accordingly under 1/60 part ?
Also, what is benifit of claiming cess amount on it ?
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ITC on Vehicle purchased for providing on rent?
Replies (6)
Quick Summary
Are in business of Car renting ????
Are you registered under GST Act
Yes he is registered under GST and in the business of renting of car to commercial only.
Yes you take the credit of the tax paid in one shot.
Ensure you didn't claim depreciation on the tax part in I.T.
Ensure you didn't claim depreciation on the tax part in I.T.
CA PADMANABHAN stand's is correct
As per Notification 11/2017 CT (r) :
If you are opted the option of 5% GST on FC then you cannot claim ITC .
Yes opted for 12% GST on FC can claim ITC .
If you are opted the option of 5% GST on FC then you cannot claim ITC .
Yes opted for 12% GST on FC can claim ITC .
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