VEHICLE PURCHASE

ITC of GST on Vehicle (personal use or Transport) can only be claimed by Goods Transport Agency or Frim dealing in such Vehicle (dealers) , not in any other case.

under section 17 of CGST ACT. ITC of goods can only be claimed to the extent of goods or services used for business purposes.😯

so, in nut shell you can't...😊

Thank U sir   

What about Asset Accounting ?

Capitalise Total amount paid for CAR(including gst) and Insurance (both term insurance and third party insurance )


As per Accounting Standard you have to capitalise total amount incurred to bring the asset to its present location and condition , so that it can be used as intended by management.🙂

No, the gst credit paid on purchase of car cannot be claimed, unless you are in the business of buying selling cars or other businesses specified in section 17(5)