I have two business under one GSTIN. One is Trading with 18% GST rate. Another is transport with oil tankers under RCM,Exempt supply now and in future.
I purchased some oil tankers.
My Query is that whether I can take ITC on oil tankers purchased and utilize same to pay GST liability of Trading business.
Please advise.
4 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 14 August 2021
Yes I think ITC can be availed in this case
Mahesh Balanthimugaru
(Article Assistant)
(85 Points)
Replied 14 August 2021
Reading section 17(2) and 17(3), it appears ITC is disallowed.
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 15 August 2021
Thanks for the information
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