hello,
please find my below query and help me to understand
when a person having the business of providing rental services using a vehicle, purchases a vehicle , can he set off his liability on purchase by the input tax credit he has earned in the same business?
thanks
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Using input credit for payment of GST liability
Replies (4)
But he do not supply the same with its ownership,so he can not claim ITC for the rental purpose of service, (it is my opinion only, u may accept opinion of experters in this regard).
Tweak the contract or arrangement of providing transportation service then ITC will be available.
Is it may claimed from service ITC instead of goods ITC?
is it Purchase of second hand vehicle?
is it Purchase of second hand vehicle?
I think ITC will be available as the business requires vehicles as a principal asset and tax paid on purchase of an asset on which our business depends majorly should be allowed as ITC..
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