ITC FOR MOBIL
venkoba shivapur (78 Points)
27 January 2020
I purchased Mobile for Employees ITC AVAILABLE ?
7 Replies
CA Kiran Sutrave
(CA)
(428 Points)
Replied 27 January 2020
According to me, yes. Please wait for other experts to reply
CA SANDESH MAHIPAL
(Practicing in GST and MSME )
(1985 Points)
Replied 27 January 2020
If mobile phones are being used in the course or furtherance of business, ITC can be claimed. There is no restriction as per GST act.
Regards
Regards
Anup Agarwal
(1184 Points)
Replied 27 January 2020
Two points are there...
1. Mobile phone to be used by employee in the course of furtherance of business.
2. Permanent Transfer of business assets. (mobile phone)
in case of case-2 i.e. permanent Transfer of mobile phone...you can not avail ITC.
and
in case of case-1 you will capitalize mobile phones in your books, ownership of the phone shall be in name of your business and you can also enjoy depreciation benefit as per Income tax act. in this case you can avail ITC.
1. Mobile phone to be used by employee in the course of furtherance of business.
2. Permanent Transfer of business assets. (mobile phone)
in case of case-2 i.e. permanent Transfer of mobile phone...you can not avail ITC.
and
in case of case-1 you will capitalize mobile phones in your books, ownership of the phone shall be in name of your business and you can also enjoy depreciation benefit as per Income tax act. in this case you can avail ITC.
CA Piyush Agarwal
(CHARTERED ACCOUNTANT)
(1499 Points)
Replied 27 January 2020
For business use thn u can claim ITC. section 17(5) restrictions are not attract on mobiles
CA Kiran Sutrave
(CA)
(428 Points)
Replied 27 January 2020
Yes, I agree. If the mobile is used for furtherance of business and has an invoice in the name of the Company/Firm with GST No., then you can claim ITC
Roshni
(Studwnt)
(1141 Points)
Replied 28 January 2020
Any thing given to employees if less than 50k then it's not a supply and ITC of the same is available
Recent Topics
- ITC Eligibility on GTA
- Top Highest Tax-Paying Celebrities: FY 2023-24
- Misplace society Bye law
- Submit ommited invoice of previous year
- Need your valueble insight
- GSTR-9 Invoices
- Agricultural Business Loss
- Reporting in gstr9 of ITC of Previous year reverse
- Tax on Reimbursement of House Rent
- MAHARASHTRA CHARITY COMMISSIONER WEBSITE
Related Threads
CAclubindia
