19 October 2020
I have taken a car on lease via IBM company lease policy for personal use from LeasePlan India. As per agreement between the IBM and LeasePlan the car registration and invoice will be in my name and LeasePlan is just financing the car. After 2 years I have an option to pay Residual value of 20%+GST and keep the car or let go this car and get a new one.
I have 2 questions 1. Is ITC claimable by LeasePlan in this case? 2. After 2 years if I decide to pay the Residual value and keep the car will section 18(6) of GST act increase my total outgo?
CAclubindia
