ITC
This query is : Resolved
10 December 2020
SIR
We are running GTA Private Limited Company (On Reverse Charge Mechanism). We are not eligible for availing ITC on tyres,spares etc., So we suffer lot by paying GST on purchases.
In case if we start an additional business for ex. A steel trading business along with GTA in the same GST number, Can we become eligible for availing ITC on both the Purchase on GTA business as well as the Purchase in trading business?
If it is possible, Can it be utilized towards the sales in trading business?
Plz guide me sir
thanks in adv
SIR
We are running GTA Private Limited Company (On Reverse Charge Mechanism). We are not eligible for availing ITC on tyres,spares etc., So we suffer lot by paying GST on purchases.
In case if we start an additional business for ex. A steel trading business along with GTA in the same GST number, Can we become eligible for availing ITC on both the Purchase on GTA business as well as the Purchase in trading business?
If it is possible, Can it be utilized towards the sales in trading business?
Plz guide me sir
thanks in adv
10 December 2020
You can opt to pay 12% gst on transportation services and avail full iTC.
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?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- Tds on building rent monthly
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
