WebDec 7, 2024 · No u cannot take itc unless you have yellow plate on your vehicle. I mean it's commercial. Sundeep Kandoi (Director) (76 Points) Replied 05 June 2024 If any of the below is yes than you can claim ITC on the vehicle/service itself or insurance or the repairs and maintenance of the above vehicle. 1) Is the seating capacity more than 13? WebOct 2, 2024 · ITC on lorries is allowed. Prior to 1.2.19 it was covered under Exclusion clause of blocked credit under Section 17 (5) (a) (ii) of CGST Act " For transportation of goods". W.e.f. 1.2.19 blocking of ITC was relaxed by way of omitting the words, "other conveyance'. Vide CGST Amendment Act, 2024. Lorry is covered under 'Other Conveyance'.
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WebDec 26, 2024 · Section 17 (5) states that ITC is not available specifically for motor vehicles ( other than for sale further ( lease could be covered here?) , transportation of passenger ( … WebMar 16, 2024 · No ITC available of Medical Insurance and Life insurance as these are in nature of employee benefits However, ITC can be availed for stock insurance as this is not related to employees As regards … blaack friday tires deals
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WebNov 30, 2024 · There are 13 items on which ITC cannot be claimed as per Section 17 (5) of CGST Act, 2024 which are as under: ITC on Motor vehicles and Conveyances ITC cannot be availed on motor vehicles and … WebApr 1, 2024 · Dear Sir, In terms of section 17(5) - the restriction is only for motor vehicles for transportation of passengers (here it is based on the design from the manufacturer not solely based on the use). For instance you can't take ITC on purchase of Swift D'zire even if you use the same for transportation of goods, as the vehicle is designed for transportation of … WebJul 27, 2024 · When input tax credit for purchase and maintenance of the motor vehicle will be available in GST. Section 17 (5) of CGST Act is amended from 1.2.2024. Before that … daughter straighten your crown bracelet