ITC on Indirect Expenses
Aaquib Iqbal (29 Points)
15 July 2022
can a business claim itc on tax paid on indirect business expenses?
4 Replies
CA Dhruva Kalamanji
(Chartered Accountant )
(1996 Points)
Replied 15 July 2022
If it is in furtherence of business then you can claim itc
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 16 July 2022
In addition to above,
1) You have to fulfill all the conditions in section 16(2) of the CGST act
2) expenses should not be in blocked credit under section 17(5)of the CGST act .
3) ITC should reflect in your GSTR2B .
4) Also Can not ITC if exempt supply
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 16 July 2022
If expenses are not blocked under Sec 17(5) and business doesn't deals in free goods, then you can claim ITC.
Imthias ahamed Kormath
(910 Points)
Replied 17 July 2022
If it is not reflected in gstr 2A ,not allowed ITC claim.If it reflected in gstr 2A,u can claim ITC. Which expensed item add with value of goods and which shows in the profit and loss account as expenses paid.
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