CA. Bhavik P. Chudasama (Practice) (4826 Points)
22 April 2024If a Registered Dealer takes a Car on Rent which is used by Driving School for Imparting Knowledge
can he claim ITC on Rent of Car or it will be Blocked Credit u/s 17(5)
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 22 April 2024
CA. Bhavik P. Chudasama
(Practice)
(4826 Points)
Replied 22 April 2024
On Renting it will be 5% on RCM or 12% FCM and on Traning Fees 18%
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 23 April 2024
CA Anoop Kumar Sharma
(Accounts Manager)
(2065 Points)
Replied 23 April 2024
If you receive 12 or more percentage ITC and use of car for furtherance of business than ITC claims
CA Mayank A Jain
(Chartered Accountant in Practice)
(1260 Points)
Replied 23 April 2024
ITC can be availed as it is covered by the exception to Section 17(5) since it is used for impacting training skills and the outward service is taxable.
CA. Bhavik P. Chudasama
(Practice)
(4826 Points)
Replied 23 April 2024
Perfect thank you all for the replies
CAclubindia
