My spouse owns a gold bar worth 30 grams. Now she has decided to convert that gold bar into gold chain + gold pendent.
And it will be exclusively used for personal wear.
Query
Whether GST paid to goldsmith on conversion can be claimed as ITC for her proprietorship business i.e. business of boutique?
Note: Gold bar was purchased from business drawings 3 years back when GST was not introduced.
| Originally posted by : Piyush Shirodkar | ||
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Whether GST paid to goldsmith on conversion can be claimed as ITC for her proprietorship business i.e. business of boutique? |  |
Not eligible to avail the credit because the gold jewellery is not going to be used in her proprietorship business. If your wife has the same line of business, then only she can avail the credit.
CAclubindia
