ITC against Car
Yogesh Mundra (22 Points)
01 November 2017
Can proprietor take ITC against newly purchased car in his firm ?
5 Replies
Saikrishnan S
(Chartered accountant - Plintron)
(186 Points)
Replied 01 November 2017
According to section 17(5) of CGST act, input on Motor vehicles and other conveyances are allowed only if they are used :
1) for further supply of such vehicles or conveyance
2) Transportation of passengers
3) Imparting training on driving, flying, navigating such vehicles or conveyances
4) for transportation of goods
If for other purposes INPUT shall not be taken.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 01 November 2017
Yes I agreed to Mr Saikrishnan S....
Input not allowed for Personal use vehicles also not available except business...
Input not allowed for Personal use vehicles also not available except business...
Yogesh Mundra
(22 Points)
Replied 01 November 2017
since the car of proprietor is being used in business for purpose like conveyance for business trips, conveyance etc to facilitate business .... in such case shall ITC be claimed on purchase of car ?
Saikrishnan S
(Chartered accountant - Plintron)
(186 Points)
Replied 01 November 2017
Input credit depends on what nature of business is the proprietor is into.
Only for above mentioned list, input is allowed.
Navjot Rani
(25 Points)
Replied 05 November 2017
Can ITC claimed for cars purchased for up-down of employees to office from their homes
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