Can the firm claim the ITC on new car purchased? how much ITC to be claimed in 1 st year and subsequent years?
Depreciation can also be claimed if we take ITC please clarify
1 Replies
Vinay Garg
(Student cum businessman cum professional)
(859 Points)
Replied 16 November 2017
Sec.17(5) of CGST Act - input tax credit shall not be available in respect of motor vehicles and other conveyances except when they are used––
(i) for making the following taxable supplies,
(A) further supply of such vehicles or conveyances ; or
(B) transportation of passengers; or
(C) imparting training on driving, flying, navigating such vehicles
or conveyances;
(ii) for transportation of goods;
if your car falls in any of the specified exceptions, ITC can be claimed in full at once.
If you claim ITC, then you can charge depreciation on value of asset without gst.
(i) for making the following taxable supplies,
(A) further supply of such vehicles or conveyances ; or
(B) transportation of passengers; or
(C) imparting training on driving, flying, navigating such vehicles
or conveyances;
(ii) for transportation of goods;
if your car falls in any of the specified exceptions, ITC can be claimed in full at once.
If you claim ITC, then you can charge depreciation on value of asset without gst.
Recent Topics
- Nature of business activities under GST registrati
- Tally Vouchers Entry for Commission based services
- Regarding transfer of stock
- CBIC ALLOWED ITC Available in Demo Car
- Final Course - Tricks to Pass
- Can we issue GST debit note in case mother invoice
- ITR-U for declaring foreign assets under schedule-
- INCOME TAX NOTICE for claiming deduction and verif
- Nature of business activities -GST
- Professional Tax Karnataka in case of Ecommerce se
Related Threads
Trending Online Classes
-
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Industry Expert04 February 2025
CAclubindia
