ITC on purchase of Gold shown as investment
Vaibhav Shendure (41 Points)
07 October 2021
Can we take ITC of GST charged on gold. As the credit is reflecting on GST portal
1 Replies
Durgesh Vashisth
(Financial Consultant)
(252 Points)
Replied 07 October 2021
Dear Mr Vaibhav,
The ITC shall be allowed only if the goods & services are used for the furtherance of business. In your case, gold purchase for investment are not used for the furtherance of business, therefor ITC shall not be allowed on it.
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