Tax rate on ashok Leyland truck rent income

22 March 2022

I have purchased ashok Leyland truck.can i take ITC and set of against payable tax
which rate ? 12 or 18 % on rent income

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6 Replies

Eswar Reddy S (CFO- at NHTF) (58259 Points)
Replied 22 March 2022

If it is for business purposes then only you can claim .

I mean if it is used for providing renting of immovable property then ITC can be claimed

Marimuthu (Manager) (524 Points)
Replied 22 March 2022

If you claimed ITC, that value will not considered for depreciation computation in forthcoming years

Dipesh Bhoi (52 Points)
Replied 23 March 2022

Thank you very much sir which tax rate on rent income 12%or 18%

Divyam Agarwal (Practicing Chartered Accountant) (959 Points)
Replied 23 March 2022

18%, as rent is a service.

Dipesh Bhoi (52 Points)
Replied 23 March 2022

But as goods transport agency I declare 12% out put tax rate what to do

CA Altamush Zafar (GST Consultant) (15961 Points)
Replied 23 March 2022

Goods transport service is different and rental service is different. Therefore different rates can be charged

Moreover if trucks are hired to GTA the service is exempt.

There is also a thin line of difference between hire and rent.

Make your contracts carefully

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