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Vehicle insurance ITC

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Accounts
528 Points Posted on 18 August 2022
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Can we take ITC of insurance of commercial vehicle mainly used in supplies of taxable good.
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On 18 August 2022 at 11:59 Report
Replies (6)
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Chartered Accountant
5010 Points Posted on 18 August 2022

Yes, ITC is available on motor vehicles used for the transportation of goods
 

2 Reply
On 18 August 2022 at 13:51
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Accounts
528 Points Posted on 18 August 2022
Thanks
2 Reply
On 18 August 2022 at 14:06
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Chartered Accountant
86505 Points Posted on 18 August 2022
Yes you can claim
3 Reply
On 18 August 2022 at 21:34
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137 Points Posted on 19 August 2022
You should note that... vehicle is only for the purpose of transport of goods... eg : Truck
If you are using passenger vehichle like Car for transport of goods... then ITC not allowed.
1 Reply
On 19 August 2022 at 11:34
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Profession Business
28207 Points Posted on 20 August 2022
Study the conditions laid down in Sec 17(5) and then decide.
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On 20 August 2022 at 07:14
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Chartered Accountant
86505 Points Posted on 21 August 2022
Any commercial vehicle whose ITC was claimed then ITC is allowed for repairs , insurance, tyres and other expense relate to commercial vehicle.
1 Reply
On 21 August 2022 at 00:22


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