Dear sir madam ,
My claint running a
exempt fruits business and Received ITC for from General Insurance company ..and other ITC like From Bank charges ...so can we calim that ITC ???? or Apply for Refund ...what to with it please suggest me ..
thanks in Advance
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Replies (6)
Quick Summary
No ITC cannot be claimed in this case
Thank u sir
and Can we Apply for Refund ????and how to Account with that ITC ..........???
No ITC cannot be refunded also as it is not used for furtherance of business
Suppose I have exempt supply and taxable supply so then can I claim it sir ????
If you are having both taxable and exempt supply then you can take ITC on common purchases proportionately. ITC can be taken for purchases exclusively for taxable supplies.
Section 17(5) has to be also kept in mind while claiming ITC.
Refund allowed only in exports or inverted duty structure
Itc amount paid by u may add furtherence supply of goods.as per valuation provision.It treat as an expenses by u in the p& l a/c .
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