Furtherance of business
Pallav jha (None) (119 Points)
23 December 2018
what is the meaning of "in the course of furtherance of business" in GST,reagarding capital goods & Input??
2 Replies
Abhishek Saurav
(34 Points)
Replied 23 December 2018
it should be used for for promoting your business
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 23 December 2018
An act done for the purpose or object of furthering an company or achieving its goals, is a furtherance of an company
further the Business is define section 2(17)
(a) any trade, commerce, manufacture, profession, vocation or any other similar activity, whether or not it is for a pecuniary benefit;
(b) any transaction in connection with or incidental or ancillary to (a) above;
(c) any transaction in the nature of (a) above, whether or not there is volume, frequency, continuity or regularity of such transaction;
(d) supply or acquisition of goods including capital assets and services in connection with
(e) commencement or closure of business;
The basic provision enabling the claim of credit does not contain any restrictions. The restriction would apply only in cases where the supply is not to be used exclusively in the course or furtherance of business.
further the Business is define section 2(17)
(a) any trade, commerce, manufacture, profession, vocation or any other similar activity, whether or not it is for a pecuniary benefit;
(b) any transaction in connection with or incidental or ancillary to (a) above;
(c) any transaction in the nature of (a) above, whether or not there is volume, frequency, continuity or regularity of such transaction;
(d) supply or acquisition of goods including capital assets and services in connection with
(e) commencement or closure of business;
The basic provision enabling the claim of credit does not contain any restrictions. The restriction would apply only in cases where the supply is not to be used exclusively in the course or furtherance of business.
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