Hi Team Good Morning.
I have a specific query for taking Input offset for purchase for consumption.
A computer services business has asked whether every purchase made for self consumption (personal items like refrigrator / mobile phones) can be claimed for input offsets. There is divided opinions and views regarding this ----
1) Some are encouraging such purchase as mobile phones or even friedge can be shown as office purchase for staff etc, Invoice must be taken on firms name in such cases and payment must be made through current account.
2) Other are warning that it is not as per law and since GST is fairly new no assessment is yet done and this issue may come up after 2-3 years when assessment will be done. It will not be responsibility of CA and customer has to take risks involved.
Can someone pls. shade light on this as if input offset claimed ,substantial savings will be there in household purchase too off course if it is not illegal.
Thank you
Regards
varad
CAclubindia
