Input tax credit on gst
This query is : Resolved
13 November 2017
Dear Experts
Kindly confirm the ITC for Insurance Premium and Vehicles in the name of company and vehicle maintenence on company vehicles
Kindly confirm the ITC for Insurance Premium and Vehicles in the name of company and vehicle maintenence on company vehicles
13 November 2017
You can take credit of insurance premium & Repair on company vehicles provided the invoices have your co. GST No.
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13 November 2017
Section 17(5) restrcits availing credit in relation to motor vehicles and other conveyances except when they are used for
(1) making the following taxable supplies, namely;-
(A) further supply of such vehicles or conveyances
(B) transportation of passengers
(C) imparting training on driving, flying, navigating such vehicles or conveyances
(2) for transportation of goods
(1) making the following taxable supplies, namely;-
(A) further supply of such vehicles or conveyances
(B) transportation of passengers
(C) imparting training on driving, flying, navigating such vehicles or conveyances
(2) for transportation of goods
13 November 2017
It means we are not eligible for Input Tax Credit On Company vehicle maintenence and Insurance.
Kindly confirm we are manufacturer of Automotive components and we are having vehicles for transport of our goods from Principle to Job worker and our vehicle used by our directors
Kindly confirm we are manufacturer of Automotive components and we are having vehicles for transport of our goods from Principle to Job worker and our vehicle used by our directors
14 November 2017
i believe 17(5) restricts only the input on purchase of motor vehicles, not the subsequent repairs,
14 November 2017
Dear Dibin,
There are two school of thought regarding this.
First: Any expenses "in relation to" motor vehicle disallowed- Then Insurance and repair disallowed
Second: Only credit on purchase is restricted. ITC on other expenses allowed.
I support the second view which is same as yours :)
There are two school of thought regarding this.
First: Any expenses "in relation to" motor vehicle disallowed- Then Insurance and repair disallowed
Second: Only credit on purchase is restricted. ITC on other expenses allowed.
I support the second view which is same as yours :)
14 November 2017
Dear Mahesha,
Credit for motor vehicle purchased for director's use is not available.
However, credit for purchase of motor vehicles for transportation of goods is available. The subsequent insurance and repairs credit will also be available.
Credit for motor vehicle purchased for director's use is not available.
However, credit for purchase of motor vehicles for transportation of goods is available. The subsequent insurance and repairs credit will also be available.
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