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ITC on Goods Transport Vehicle to Partnership Firm
Goods Transport Vehicle registered on individual name of partner as loan disbursed on individual name of partner. But asset is used for business carried on by partnership firm. So can Partnership Firm claim ITC on asset registered on individual partner's name ?
Replies (1)
No. Partnership can claim ITC only if the Asset bill is in the name of firm with GSTIN of Firm. However, partner must raise GTA service bills to the firm from his individual capacity as it amounts to supply.
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