Input on purchase of Capital goods
This query is : Resolved
20 March 2022
Hi sir,
My friend recently started the petrol business, he bought some assets for the business, can we claim input gst on those assets, the assets are meant to business only. Please advice me on this, I have little confusion regarding this. Thanks in Advance.
My friend recently started the petrol business, he bought some assets for the business, can we claim input gst on those assets, the assets are meant to business only. Please advice me on this, I have little confusion regarding this. Thanks in Advance.
21 March 2022
Petrol is non GST item. Hence input GST can't be claimed on assets used for petrol business.
21 March 2022
If you are dealing in only non GST or exempt items then ITC cannot be claimed. However if you are dealing with both taxable and non taxable items for example lubricants(taxable) and petrol (Non taxable) then proportionate ITC can be claimed that too as per GST rules.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Confusion around Form 26QB fields
- Tds on building rent monthly
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- RCM INVOICING FROM NOV-2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
Trending Online Classes
CAclubindia
