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I have cabs.. Can I claim input tax credit of gst on purchase of car insurance, Repair and services against output tax??
Replies (5)
Hi Amarender,
For cabs service, there are two parts in GST,
1. GST @ 5%, if you charge 5% for your services then you can't claim input tax credit on your purchases
2. GST @ 12%, if you charge 12% for your services then you can claim input tax credit on your purchases
Choose one of the above on the basis of your services turnover.
Regards,
Vineeth
I opted presently 5% category. Can I change my tax from 5 to 12% now. Is it possible??
Yes, you can charge 12% and can claim ITC from the same date you started charging 12%
I am having input of paying INSURANCE on car at that time I charged 5%. Can I claim this input now when I changed to 12 % frm 5% in middle of the month??
In the 25th gst council meeting, allow ITC of input services in the same line of business at the GST rate of 5% in case of tour operator services.. What is the meaning of same line of business??
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