Regarding Input Tax Credit
Query (Issue) Started By: – Prateek Agrawal Dated:- 12-4-2018 Last Reply Date:- 22-4-2018 Goods and Services Tax – GST
Got 6 Replies
GST
As I am registered dealer under GST Act. and having business of motor vehicles . For demo purpose I issued invoice in the name of firm i.e.self . whether the input credit is available or not . The same is showing in books of account under the hade fixed assests .
\nReply By KASTURI SETHI:
\nThe Reply:
\nITC can be taken .
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nRaising an invoice on demo basis will not make you eligible to take credit. This is my view.
\nReply By YAGAY AND SUN:
\nThe Reply:
\nWe endorse the views of the experts.
\nPlease check the point No. 3 of the appended <\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ut Section 17 (5) of CGST Act, 2017 imposes some restrictions or conditions which are as under :- = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Regarding Input Tax Credit Query (Issue) Started By: – Prateek Agrawal Dated:- 12-4-2018 Last Reply Date:- 22-4-2018 Goods and Services Tax – GSTGot 6 RepliesGSTAs I am registered dealer under GST Act. and having business of motor vehicles . For demo purpose I issued invoice in the name of firm i.e.self . whether the input … Continue reading “Regarding Input Tax Credit”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-11424","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/11424","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11424"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/11424\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11424"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11424"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11424"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\n_____________________ no ITC shall be allowed in respect of motor vehicle and other conveyances except when they are used-
\n(i) for making the following taxable supplies, namely:-
\n(A) further supply of such vehicles or conveyances; or
\n(B) transportation of passengers; or
\n(C) imparting training on driving, flying, navigating such vehicles or conveyances;
\n(ii) for transportation of goods.
\nReply By KASTURI SETHI:
\nThe Reply:
\nProcedural lapse cannot override your substantive right of ITC. If you fight legally you would get benefit. Your substantive right cannot forfeited just because you have issued invoice instead of delivery challan for dem<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n