if we show any motorcycle or car in fixed assest can we claim input on it ?
pls help
Fixed asset
Mondira Saha (GST) (3925 Points)
06 December 2017
10 Replies
CA Mayur Todmal
(Practicing CA)
(7756 Points)
Replied 06 December 2017
Under GST ITC on vehicles is not available to business but
ITC will be available when the vehicle is used for the following.
a) Supply of other vehicles or conveyances
b) Transportation of passengers
c) Imparting training on driving, flying, navigating such vehicle or conveyances
d) Transportation of goods
Mondira Saha
(GST)
(3925 Points)
Replied 06 December 2017
but last day at gst twitter handle account official they advice
in income tax if we show depriciation on value we can claim
but if we show depriciation on invoice value we cant claim
ex - asset rate is 100 tax 18. total 118
if we show depriciation on 100 rupee we can claim
but in 118 we cant claim
what it means ...confusion
in income tax if we show depriciation on value we can claim
but if we show depriciation on invoice value we cant claim
ex - asset rate is 100 tax 18. total 118
if we show depriciation on 100 rupee we can claim
but in 118 we cant claim
what it means ...confusion
Sanjeev Nanda
(Senior Manager)
(29 Points)
Replied 06 December 2017
Yes you will get input credit for any fixed asset purchased and used for business purpose.
TAPASYA
(CA)
(297 Points)
Replied 06 December 2017
Under GST ITC on vehicles is not available to business but
ITC will be available when the vehicle is used for the following.
a) Supply of other vehicles or conveyances
b) Transportation of passengers
c) Imparting training on driving, flying, navigating such vehicle or conveyances
d) Transportation of goods
if u fall under these n show it as fixed asset u cannot claim input...u can either claim depri or credit
ITC will be available when the vehicle is used for the following.
a) Supply of other vehicles or conveyances
b) Transportation of passengers
c) Imparting training on driving, flying, navigating such vehicle or conveyances
d) Transportation of goods
if u fall under these n show it as fixed asset u cannot claim input...u can either claim depri or credit
CA Mayur Todmal
(Practicing CA)
(7756 Points)
Replied 06 December 2017
ITC is not available in some cases as mentioned in section 17(5) of CGST Act, 2017,
vehicle falls under section17 (5), with exceptions mentioned above.
Sanjeev Nanda
(Senior Manager)
(29 Points)
Replied 06 December 2017
Charge depreciation on cost of motorcycle or car excluding GST portion.
If you claim depreciation on GST portion of purchase value of fixed asset then you cannot claim input tax credit.
CA Mayur Todmal
(Practicing CA)
(7756 Points)
Replied 06 December 2017
1. Please reffer Q no 19 onpage no 59 issued by ICAI
https://idtc-icai.s3.amazonaws.com/download/06_Input%20Tax%20Credit.pdf
2. Please reffer point no 5 on page 166
Point 6 on page 169
Drawing at page 170
https://idtc-icai.s3.amazonaws.com/download/06-Input%20tax%20credit.pdf
TAPASYA
(CA)
(297 Points)
Replied 06 December 2017
YOU CANT CLAIM BOTH DEPRI AND CREDIT ON GST AMOUNT.... IF U SHOW 118 UNDER ASSET NO INPUT
IF U SHOW 100 COST UNDER ASSET CLAIM CREDIT OF 18
TAPASYA
(CA)
(297 Points)
Replied 06 December 2017
I HAVE MENTIONED THE CASES ABOVE....PLS SEE IF U FALL UNDER THEM OR NOT...
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