Itc on gold purchase
lokesh K R (Accountent) (61 Points)
11 July 2019
can we take itc on purchase of gold
4 Replies
Shivam RC
(Student)
(23683 Points)
Replied 13 July 2019
Then you cannot claim ITC on Gold.
According to the Provision of Section 16(1) of the CGST Act 2017, ITC can be claimed only on those expenses which are in the course or furtherance of business.
Since you have purchased gold for Personal Consumption, you cannot claim ITC.
Warm Regards.
According to the Provision of Section 16(1) of the CGST Act 2017, ITC can be claimed only on those expenses which are in the course or furtherance of business.
Since you have purchased gold for Personal Consumption, you cannot claim ITC.
Warm Regards.
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