GST Credit
This query is : Resolved
09 December 2020
SIR
We are trading of tyres. We have decided to retread some old tyres. Retreading units will issue GST bill on the services provided. Can we avail that GST input credit and utilize it towards the sales?
Plz guide me
Thanks in adv
We are trading of tyres. We have decided to retread some old tyres. Retreading units will issue GST bill on the services provided. Can we avail that GST input credit and utilize it towards the sales?
Plz guide me
Thanks in adv
09 December 2020
Yes, you can avail ITC and use it.
10 December 2020
SIR
We have also decided to supply the tyres to our other unit (i.e) GTA - Private Ltd and get the tyres from Pvt Ltd for repairing / retreading works. This is only for availing gst inputs on the retreading charges. In such process, let me know the procedures for Issuing tyres to GTA and get them back for repairs.
Thanks in adv
We have also decided to supply the tyres to our other unit (i.e) GTA - Private Ltd and get the tyres from Pvt Ltd for repairing / retreading works. This is only for availing gst inputs on the retreading charges. In such process, let me know the procedures for Issuing tyres to GTA and get them back for repairs.
Thanks in adv
10 December 2020
Sorry , can you describe the transaction with example.
12 December 2020
SIR
Plz see the example----
Mr.A is doing his GTA business (Not Opting 12% GST). Hence, he is not able to avail ITC on purchase of tyres,spares, etc.,
So, he decides to start an additional business (i.e) trading unit.
This is for buying of tyres/spares and sells them to others.
If he do so, then, can he get the eligibility of availing GST ITC on Purchases of both from GTA and trading business.
If yes, can the total credits availed be utilized for sales to be made by the trading unit? Or any reversal of ITC on GTA purchases to be made?
thanks in adv
Plz see the example----
Mr.A is doing his GTA business (Not Opting 12% GST). Hence, he is not able to avail ITC on purchase of tyres,spares, etc.,
So, he decides to start an additional business (i.e) trading unit.
This is for buying of tyres/spares and sells them to others.
If he do so, then, can he get the eligibility of availing GST ITC on Purchases of both from GTA and trading business.
If yes, can the total credits availed be utilized for sales to be made by the trading unit? Or any reversal of ITC on GTA purchases to be made?
thanks in adv
12 December 2020
No,you cannot avail ITC for GTA business but for trading unit-yes.
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