MURALIDOSS (INCOME TAX PRACTITIONER) (1314 Points)
06 March 2019A person buy one TATA ACE and one Bolero for his business, that means he bring stocks from various places, vegitable and fruits.
Can he claim GST in his returns as ITC? if he claims GST, Whether can he avail Depreciation for that vehicles in Incometax?
CA CS Chirag
(Practicing CA)
(834 Points)
Replied 06 March 2019
MURALIDOSS
(INCOME TAX PRACTITIONER)
(1314 Points)
Replied 06 March 2019
ok thankyou, in here we use for transportation of goods only, so , we can avail gst.
MURALIDOSS
(INCOME TAX PRACTITIONER)
(1314 Points)
Replied 07 March 2019
if i claim that Vehicle purchase itc can i claim refund?
Madhukar N Hiregange
(Chartered Accountant)
(39034 Points)
Replied 07 March 2019
Vehicles used for transportation ( to prove) should be eligible for ITC. Proof may include registration under RTO for such purpose. No refund- only adjustment against taxable services to the proportion of taxable to exempt ( see rule 42)
CAclubindia
