ITC on a new car
sachin parikh (125 Points)
02 April 2018
My client has just purchase a new car which he uses for business and personal purposes. Can he avail ITC in GST regime?
6 Replies
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 02 April 2018
ITC cannot be avail, AS PER SEC 17(5)
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 02 April 2018
As per sec 17 if some assets used for both business & personal purpose the ITC available for business purpose only.
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 02 April 2018
But as per Sec 17(5) no ITC is available for motor vehicle except used for business, imparting training for driving or for transportation of passenger &goods.
So no ITC available.
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 09 April 2018
Yes ITC for insurance also available... If car used for business.
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