WebJul 4, 2024 · Jaysingh (Income Tax GST Assessment Accounting finance) (39 Points) Replied 15 June 2024. Sec 17 (5) (a) are only for purchase of motor vehicle and in whole sec17 (5) sub clause (a) to (h) there is no specifically mention about the ITC on repair and maintaince not allowed. The opening line of section 17 (5 ) mentions that “input credit … WebDec 26, 2024 · Accordingly no ITC is available in respect of motor vehicles. If you are into the business of renting / leasing car/ Conveyence / Training ----> Yes can claim ITC input credit on both car and Insurance premium. However if you are in some other business, where the car is used for furtherance of business ----> you cannot claim ITC on Car only ...
2024 or West Bengal Goods and Services Tax Act, 2024 …
WebAug 11, 2024 · The applicant is entitled to avail Input tax credit (ITC) charged on inward supply of Motor Vehicle which is used for Demonstration purpose in the course of business of supply of Motor Vehicle as an input tax credit (ITC) on capital goods and the same can be utilized for payment of output tax payable under this Act. 1. WebApr 14, 2024 · But ITC on motor vehicle on repairs and maintenance can be claimed under the following conditions.. 1. Motor Vehicle for transportation of persons having approved seating capacity of more than 13 persons. ( e.g. A Bus) 2. Motor Vehicle for transportation of goods. ( e.g. A Truck) orbees business solutions
Is it Possible to Claim GST Paid on Insurance Premium? Check
WebMay 20, 2024 · Option 2 – To pay tax @5% (CGST+SGST) without input tax credit on input goods or services. However liability to pay GST shifted on the recipient of GTA services if supplied to following person located in taxable territory and where GTA not opted for option 1: – Any factory registered under or governed by the Factories Act, 1948(63 of 1948); or WebTour operator can take input tax credit for GST paid on cab services other than in case of a pure agent. ITC on Car Purchased by Cab Owner. Input tax credit on cars purchased is specifically prohibited under section 17(5) of CGST Act. But it is available if the purchased car is used for taxable supply of transportation of passengers. WebFrom the above amended section, it can be seen that a new clause [i.e. clause (ab)] has been inserted which specifically puts a restriction on availing input credit of GST on repair and maintenance, insurance and servicing of cars or motor vehicles. The credit is available only when the vehicle is being used for any of the below three purposes. orbee mesh wifi