Input tax credit

Sri Sri (25 Points)

07 February 2018

mobile purchase for company purpose for use for all staff. can input be claimed

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11 Replies

Dhananjay saraf (Chartered Accountant) (254 Points)
Replied 07 February 2018

Yes,it can be claimed because it is not blocked u/s 17(5)

1 Like

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 07 February 2018

Yes... You can avail the ITC benefit.

1 Like

addanki deepika (50 Points)
Replied 07 February 2018

when does he claim itc

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 08 February 2018

He claim subsequent month when he bought the mobile phones..!

1 Like

Sudhakar puligilla (4 Points)
Replied 08 February 2018

Sir, I am doing rice mill business, Spare parts purchased for my mill is eligeble for input credit.

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 08 February 2018

Your supplies is taxable then You can avail the ITC benefits. If Your supplies are exempted then no way for claim ITC...

1 Like

Sudhakar puligilla (4 Points)
Replied 08 February 2018

I have GSTIN , Some our supplies are taxable i.e.rice bran , other supplies i.e. rice,paddy are exempted. Eligeble for input credit or not?

Dhananjay saraf (Chartered Accountant) (254 Points)
Replied 08 February 2018

You can proportionate ITC.

1 Like

ishika (CA) (287 Points)
Replied 08 February 2018

Yes, ITC can be claimed if same is purchased for business purposes.

1 Like

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 08 February 2018

Originally posted by : Sudhakar puligilla
	I have GSTIN , Some our supplies are taxable i.e.rice bran , other supplies i.e. rice,paddy are exempted. Eligeble for input credit or not?

https://cleartax.in/s/gst-input-tax-credit

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 08 February 2018

Originally posted by : ishika
	Yes, The company can claim input tax credit(ITC) in the GST management on the mobile phone bought by it. But the seller of the phone must have entered your company's GST number for you to take its input credit. Know more at : GST Forum India