Used vehicke
Rahmathullah p (101 Points)
25 January 2021
Can ITC be purchased with a used commercial vehicle?
2 Replies
Divyam Agarwal
(Practicing Chartered Accountant)
(959 Points)
Replied 25 January 2021
Your question is not clear.
Please come again.
Please come again.
Shivam RC
(Student)
(23683 Points)
Replied 26 January 2021
ITC stands for "INPUT TAX CREDIT".
You cannot purchase ITC. You have to claim ITC on your inward supplies ( inputs, input services and capital goods ).
As far as your question is concerned, You cannot claim ITC on Motor Vehicles having approved seating capacity of 13 persons ( including the driver ) as it is a BLOCKED Credit under Section 17(5) of the CGST Act 2017. Moreover if the vehicle is being used for "transportation of goods", then you can claim ITC on Motor Vehicle ( Truck ) provided all the FOUR Conditions as laid down U/s 16(2) of the CGST Act 2017 has been satisfied.
You cannot purchase ITC. You have to claim ITC on your inward supplies ( inputs, input services and capital goods ).
As far as your question is concerned, You cannot claim ITC on Motor Vehicles having approved seating capacity of 13 persons ( including the driver ) as it is a BLOCKED Credit under Section 17(5) of the CGST Act 2017. Moreover if the vehicle is being used for "transportation of goods", then you can claim ITC on Motor Vehicle ( Truck ) provided all the FOUR Conditions as laid down U/s 16(2) of the CGST Act 2017 has been satisfied.
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