ITC ON COMMERCIAL VEHICLE PURCHASED ON LOAN
Query (Issue) Started By: – sonu jain Dated:- 24-9-2018 Last Reply Date:- 26-9-2018 Goods and Services Tax – GST
Got 5 Replies
GST
I am a sole proprietor of firm M\/s ABC and my frm is GST registered. I deal in taxable supply of goods @5% GST. Now, i have decided to purchase a truck (for transportation of the same goods) on LOAN . I am incurring GST on its cost as well on its insurance payment. So my queries is :
\na. Can i avail ITC on the above purchase?
\nb. If yes, then in order to avail ITC in whose name i should take the loan under my name or under my firm's name?
\nReply By Yash Jain:
\nThe Reply:
\nDear Sir,
\nYes you can very well avail the ITC.
\nReason : You are using it for the<\/p>\n
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