LATEST DETAILS

1 one of my clinet purchase air conditioner or air cooler for principal business place can we take itc or not ? 2 one of my client regular dealer in vat law and he had some itc. Then he is convert in composition scheme in gst. Now again in month of october he is convert as reguler dealer can i claim my vat itc or not if yes then how .

DEAR SIR, 

1 ONE OF MY CLINET PURCHASE AIR CONDITIONER OR AIR COOLER FOR  PRINCIPAL BUSINESS PLACE CAN WE TAKE ITC OR NOT ?

2 ONE OF MY CLIENT REGULAR DEALER IN VAT LAW AND HE HAD SOME ITC. THEN HE IS CONVERT IN COMPOSITION SCHEME IN GST. NOW AGAIN IN MONTH OF OCTOBER HE IS  CONVERT AS REGULER DEALER CAN I CLAIM MY VAT ITC OR NOT IF YES THEN HOW .

Reply

Dear Sir,

(1) As per Rule 43 of CGST Rules, 2018,  the amount of input tax in respect of capital goods used or intended to be used exclusively for effecting        supplies other than exempted supplies but including zero-rated supplies shall be indicated in FORM GSTR-2 and shall be credited to the electronic credit ledger. 

Thus as per above rule, if your client is engaged in taxable supplies, and has purchased the Air conditioner or Air cooler exclusively for business purpose,  the GST paid can be claimed as credit in the same way as inputs.

(2) As the last date to file TRAN-1 has been elapsed, now it is not possible to claim ITC of VAT period. 

Check Your Tax Knowledge
Youtube
Product Demo
Professional services available
Tax Lok English Viedo
Tax Lok Hindi Viedo

FOR FREE CONDUCTED TOUR OF OUR ON-LINE LIBRARIES WITH OUR REPRESENTATIVE-- CLICK HERE

FOR ANY SUPPORT ON GST/INCOME TAX

Do You Want To Take FREE DEMO Of Our GST/Income Tax Library.