GST paid on purchase of vehicle
This query is : Resolved
17 May 2021
Whether gst paid on purchase of vehicle whose value exceeds Rs 10 lakhs would form part of cost of vehicle for the purpose of computing depreciation?
Also kindly let me know what would be accounting treatment of various other taxes paid while buying the vehicle.
Also kindly let me know what would be accounting treatment of various other taxes paid while buying the vehicle.
17 May 2021
1) Yes, GST is part of cost of the vehicle (unless ITC is availed where allowed)
2) All other expenses like road tax, insurance etc form part of the cost of the asset.
2) All other expenses like road tax, insurance etc form part of the cost of the asset.
17 May 2021
ITC on Motor vehicle can only be claimed for specific business like transportation,Training schools,and persons dealing in buying and selling of vehicles.It is better to claim full depreciation instead of ITC as the same is available for specific business U/s 17(5) of the CGST Act.
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