REGARDING INPUT

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B.SC
202 Points Posted on 20 August 2020
hai good morning,
actually we had running manufacturing unit of cotton lint and seed. for the manufacturing of cotton lint we had purchase tractor to lifting cotton from godown to machinery in the mill premises. regarding this we will claim input or not what we had paid gst on tractor.



next also purchased bolero vehicle for mill purpose. it is not used for travelling. seating capacity 3. regarding this we can claim input or not.


next kia car purchased in the name firm to travelling partners for the firm purpose only. not using as personal works. regarding this input claim or not
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On 20 August 2020 at 11:33 Report
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Quick Summary
This discussion clarifies the eligibility for claiming GST input tax credit (ITC) on assets purchased for a manufacturing unit. Generally, assets bought in the firm's name with the GST number on the invoice and used for business purposes are eligible for 100% ITC. Specifically, ITC is available for tractors and commercial Boleros used for goods carriage. However, ITC is not typically available for cars purchased for business travel.

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Chartered Accountant
2546 Points Posted on 27 August 2020

Any assets purchased in the firm's name with it's GST Number on the Invoice and used for business purposes, can claim 100% ITC on it. 

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On 27 August 2020 at 11:28
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B.SC
202 Points Posted on 27 August 2020
Thanking you madam
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On 27 August 2020 at 11:34
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Tax and Business Consultant
11616 Points Posted on 06 September 2020
1. Tractor..ITC available
2. Bolero..if it's Goods carriage Vehicle (i.e commercial vehicle) than...ITC available
3. Car...ITC not available
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On 06 September 2020 at 11:56

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