Itc credit for expenses incurred in business
This query is : Resolved
08 March 2019
Few experts say that it is mentioned in GST law that ITC cannot be claimed for expenses that are incurred and valid but cannot bring any output to the business. Is this true
08 March 2019
As per sec 16 of CGST Act :-
Any registered person can avail credit of tax paid on the inward supply of goods or services or both, which is used or intended to be used in the course or furtherance of business .
Hence , if you are using or intend to use goods or services for business purpose , valid ITC can be used .. Bringing output to business concept is no where mentioned in the Act
Any registered person can avail credit of tax paid on the inward supply of goods or services or both, which is used or intended to be used in the course or furtherance of business .
Hence , if you are using or intend to use goods or services for business purpose , valid ITC can be used .. Bringing output to business concept is no where mentioned in the Act
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