Shipping Transport is eligible ITC only on Input Service and Capital Goods (Ship)
The ITC proportionate Rate will be calculated
Taxable income / Total income x 100.
Last month Ship is sold out (Capital goods). This is also be to be taken to find out the Proportionate Rate?
When selling a ship on which ITC was claimed, you must pay the higher of either the GST on the actual sale price or the proportionate ITC corresponding to the remaining useful life of the ship (out of a 60-month period). Do not use income-based ratios for this specific transaction.
Hema Yashwanth & Associates
Chennai
B.Com
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Kothari Jain Patil & Chartered Accountants
Pune
CA Inter
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Synergy Keystone
Mumbai
CA
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PARV & Co.
New Delhi
CA Inter
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Murali and Sumeet Chartered Accountant
Bengaluru
CA Foundation
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CCI
Pro
CAclubindia
