Itc on Fixed assest
Sanjita Deb (SENIOR ACCOUNTANT) (55 Points)
12 May 2018
Sir, Can i take itc from assest purchase. Purchase Car
5 Replies
CA Naveen Chand
(Chartered Accountant)
(12739 Points)
Replied 12 May 2018
YES U CAN TAKE ITC ON CAR IF THE SAME IS USED FOR BUSINESS PURPOSES AND IN THE NAME OF COMPANY
dileep bandi
(Student )
(159 Points)
Replied 12 May 2018
If u r providing taxable supplies then u can avail ITC on fixed assets ( Car)
ANKUR TAH
(Teacher Consultant and CA finalist.)
(543 Points)
Replied 12 May 2018
car should be used in business otherwise you can't because it is for personal use.
Pankaj Rawat
(GST Practitioner)
(55057 Points)
Replied 12 May 2018
No you cannot avail ITC on Car as per section 17(5). ...
Motor vehicles and other conveyances except when they are used––
(i) for making the following taxable supplies, namely:—
(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;
Motor vehicles and other conveyances except when they are used––
(i) for making the following taxable supplies, namely:—
(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;
prasad Nilugal
( GST Practitioner & Accounts )
(14863 Points)
Replied 13 May 2018
I agree with pankaj rawat , ITC not applicable on CAR under section 17sub5 of the cgst act 2017
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