23 June 2020
Hi - We are dealing in Second Hand Car / Tractor under Marginal Scheme of GST. My Q here is we are paying GST on Profit/Margin (Sale-Purchase), we did some repairing work on car/tractor so can we take ITC on this invoices against the our GST Liability...?
(Can we take ITC benefit against our GST Liablity Payment in Margin Scheme)
24 June 2020
First: There is Either Regular or Composition scheme under GST. Nothing called Marginal Scheme. Now about taking ITC in Repair and Maintenance job works, Yes, you can can take input credit of the goods/parts/services consumed in such repair/maintenance to set off your tax liability to the extent it s reflecting in your GSTR2A and you hold valid Tax Invoices of these inputs.
CAclubindia
