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Whether ITC can be claimed on Investment made in gold by a business entity
Whether ITC can be claimed on Investment made in gold by a business entity
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GST is not applicable on investment in gold as it is considered as a capital asset and not a supply of goods or services. Therefore, ITC cannot be claimed on investment made in gold by a business entity.
Conditions of section 16 have to be satisfied to avail ITC
Every registered person shall, subject to such conditions and restrictions as may be prescribed and in the manner specified in section 49, be entitled to take credit of input tax charged on any supply of goods or services or both to him which are used or intended to be used in the course or furtherance of his business and the said amount shall be credited to the electronic credit ledger of such person.
Every registered person shall, subject to such conditions and restrictions as may be prescribed and in the manner specified in section 49, be entitled to take credit of input tax charged on any supply of goods or services or both to him which are used or intended to be used in the course or furtherance of his business and the said amount shall be credited to the electronic credit ledger of such person.
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