Hy All
Can we take ITC of insurance of commercial vehicle mainly used in supplies of taxable good.
Yes, ITC is available on motor vehicles used for the transportation of goods
6 Replies
CA Puja Sharma
(Chartered Accountant)
(5010 Points)
Replied 18 August 2022
akshay Kumar
(137 Points)
Replied 19 August 2022
You should note that... vehicle is only for the purpose of transport of goods... eg : Truck
If you are using passenger vehichle like Car for transport of goods... then ITC not allowed.
If you are using passenger vehichle like Car for transport of goods... then ITC not allowed.
sabyasachi mukherjee
(27574 Points)
Replied 20 August 2022
Study the conditions laid down in Sec 17(5) and then decide.
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 21 August 2022
Any commercial vehicle whose ITC was claimed then ITC is allowed for repairs , insurance, tyres and other expense relate to commercial vehicle.
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