sir
I am selling wood pieces(fire purpose) to companies with our own vehicle. (lorry)
now can I take itc for this vehicle
3 Replies
Krishna Chaudhary
(Accountant)
(4531 Points)
Replied 16 January 2021
As per provisions of GST you cannot take ITC but there are loophole to misuse the provisions
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 23 January 2021
If you are using it for exempted supplies also, then you have to reverse the ITC proportionately as per Rule 42/43
Recent Topics
- Form 3CEAB
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
- ITC reversal in GST 3B
Related Threads
CAclubindia
