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Purchasing jcb

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13 Points Joined March 2022
Our Client is a Contractor, they are buying the JCB for the business purpose. Can we adopt this for Input. whether to take input or not. please clarify the issue sir.
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On 22 March 2022 at 14:23 Report
Replies (5)
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GST Consultant
15986 Points Joined March 2013

Yes input credit available to you 

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On 22 March 2022 at 15:12
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student
258 Points Joined September 2011
Yes you can claim input tax credit on the purchase of JCB
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On 22 March 2022 at 16:44
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Chartered Accountant
5010 Points Joined March 2020

Yes ITC can be availed. Please group it under Plant & Machinery block under Fixed Assets

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On 22 March 2022 at 16:59
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915 Points Joined July 2017
If it purchase by an hypotecation of bank ,u may claim ITC on bank service gst also.
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On 22 March 2022 at 18:59
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Practicing Chartered Accountant
959 Points Joined May 2016
Yes, ITC is available since your outward supply is kind of same nature.
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On 23 March 2022 at 17:12

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