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Can we avail input gst on truck purchase

knrvarma (Professional) (59 Points)

07 December 2017

MIGHT YOU PL CLARIFY BELOW DOUBTS

1.one of our client manufacturing foods products , purchased Truck for material transportation . can we claim input for truck?

2.one of my client providing works contract services , received 500000 advance from his client and paid 500000 advance same day to sub contractor ?

3.can we claim gst input on insurance premium for co-operative bank ?

THANKS INADVANCE

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7 Replies

Shashikant Varshney (Chartered Accountant) (763 Points)
Replied 07 December 2017

1. No, you are not able to claim the ITC.

2. Please clarify the question.

3. Yes, You can claim.

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shailesh (ca student) (296 Points)
Replied 07 December 2017

Vehicle is specially excluded for ITC claiming however if it is fulfill particular conditions i.e. for factory use, courier company, training purpose then ITC will be available

1 Like

knrvarma (Professional) (59 Points)
Replied 07 December 2017

2ND QUESTIONON

2.one of my client providing works contract services , received 500000 advance from his client and paid 500000 advance same day to sub contractor ?

IN ABOVE CASE WHO WILL PAY GST ON ADVANCE?

Shashikant Varshney (Chartered Accountant) (763 Points)
Replied 07 December 2017

Both transaction are seperate and liable to charge GST. You need to pay the GST on advance received by you. And your sub-contractor need to pay GST on advance received by them.

1 Like

knrvarma (Professional) (59 Points)
Replied 07 December 2017

we took insurence policy in novmber month , policy valid nov 2017 to oct 2018 , can we claim input in single shot( can we utilize 100% itc in November month )?

Thanks in advance