Purchase of equipment business purpose itc claim allowed

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B.com
3025 Points Posted on 30 April 2023
A registered dealer purchase of equipment purpose of business used . dealer equipment value payment monthly instalment based amount paid.(3 years instalments)
question:
dealer above mentioned purchase transaction itc claim allowed.
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On 30 April 2023 at 22:39 Report
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Quick Summary
This discussion clarifies that Input Tax Credit (ITC) is indeed allowed for registered dealers purchasing equipment for business use, even when paid for in monthly instalments over three years. The consensus is that the proviso to Section 16(2) of the relevant tax law does not prevent this claim.

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Practicing in GST and MSME
1985 Points Posted on 01 May 2023
Yes, ITC is allowed. Don't worry about proviso to 16(2).
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On 01 May 2023 at 01:42
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GST Practitioner
55067 Points Posted on 01 May 2023
Yes ITC available.
1 Reply
On 01 May 2023 at 23:58

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