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Itc on Fixed assest

Sanjita Deb (SENIOR ACCOUNTANT) (55 Points)

12 May 2018

Sir, Can i take itc from assest purchase. Purchase Car

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5 Replies

CA Naveen Chand (Chartered Accountant) (12729 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

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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) (55047 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;

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