Is GST input credit given for buying a car on a firm's name?
Share
Shyamal Modi, Tax Advocate | Financial Advisor | Virtual CFO 
Answered on December 09,2023
Generally, No!
Input Tax Credit (ITC) on purchase of a car even in the name of firm is blocked u/s 17(5) of CGST Act. There are certain exceptions to this, you can read them on my blog.
Depreciation can be claimed if car is purchased in the name of Firm.
To know more about on what other types of transactions ITC is Blocked u/s 17(5), please visit my blog on the same. I have detailed all the conditions where an ITC is blocked and the exceptions to the same where ITC can be claimed in easy-to-understand language.
Blocked Credits under GST | Smart Financial Services (smartfinserv.in)
Regards.
234 views
Related Questions
-
Subin VR
Chartered Accountant,FCA, DISA (ICAI) . Answered on March 06,2021If son wants to do business on the premises of residence where father also live together and they have made consent letter for that on stamp, then what is the option to choose for uploading that document regarding address proof on GST portal during GST registration?
You can upload the consent letter (NOC) from the father and building tax challan.
1
0
1807
-
Subin VR
Chartered Accountant,FCA, DISA (ICAI) . Answered on March 06,2021How to do GST registration for Partnership firm ?
All the partners details along with firm's details has to be given for getting GST Registration. You have to ...
2
0
522
-
MISHRA CONSULTANTS
GST Practitioners ,Income Tax Practitioners & Auditor Based Service in Coimbatore, Tamil Nadu . Answered on November 16,2022How to do GST registration for Partnership firm ?
For registration of Partnership firm first you should have the deed with partners which should be prepared according to ...
2
0
247
-
Subin VR
Chartered Accountant,FCA, DISA (ICAI) . Answered on March 13,2021How can I know my State jurisdiction for GST Registration ?
The below link will help you. https://gstindiaguide.com/know-kerala-gst-jurisdiction/
1
0
149
-
Subin VR
Chartered Accountant,FCA, DISA (ICAI) . Answered on March 13,2021Where did we get our Sector/Circle/Ward/Charge details for GST Registration ?
The below website will assist you. Know your jurisdiction
1
0
1309
-
Subin VR
Chartered Accountant,FCA, DISA (ICAI) . Answered on March 07,2021What are the documents required for GST registration ? Do we need to pay any fees? Is yes, how much? Within how much days we can get the GST certificate? Do we required to get help from any CA for GST Registration ?
You need copies of PAN, adhar, rent agreement, building tax challlan, bank account details for Registering with GSTN. Since ...
3
0
2011
-
MISHRA CONSULTANTS
GST Practitioners ,Income Tax Practitioners & Auditor Based Service in Coimbatore, Tamil Nadu . Answered on November 16,2022What are the documents required for GST registration ? Do we need to pay any fees? Is yes, how much? Within how much days we can get the GST certificate? Do we required to get help from any CA for GST Registration ?
You need copies of the person on whose name you are going to start the business PAN, adhar, rent ...
3
0
1323
-
Subin VR
Chartered Accountant,FCA, DISA (ICAI) . Answered on March 06,2021Is GST filing mandatory for small business either in starting of business they have very low amount of sales. And what is the meaning of turnover is it monthly or yearly?
Filing of GST is mandatory. If you fail to file it will create huge liability in the form of ...
2
0
978
-
MISHRA CONSULTANTS
GST Practitioners ,Income Tax Practitioners & Auditor Based Service in Coimbatore, Tamil Nadu . Answered on November 16,2022Is GST filing mandatory for small business either in starting of business they have very low amount of sales. And what is the meaning of turnover is it monthly or yearly?
Yes filing of GST is mandatory. As if in starting stage business is low you can file nil return ...
2
0
453
-
Subin VR
Chartered Accountant,FCA, DISA (ICAI) . Answered on March 06,2021I want to start a business on flipkart. Garment. How to apply for GST ?
You can apply for GST with your house address itself. Documents required are PAN, Adhar, Building Tax, Bank Account ...
1
0
637
-
Subin VR
Chartered Accountant,FCA, DISA (ICAI) . Answered on March 06,2021If I start a business in my own premise but the premises is on my father's name so what is majorly required to upload for the proof of premises for GST registration ?
Consent letter from your father and Building Tax/Utility Bills (Electricity/ Telephone etc)
1
0
1447
-
Subin VR
Chartered Accountant,FCA, DISA (ICAI) . Answered on March 07,2021I have received SCN (Show cause notice) for GST registration stating "Upload the profession tax enrollment certificate", but I am not eligible to apply Tax enrollment certificate as I have not started my business yet. So what should I reply to the SCN?
You can reply with the same lines, that you don't come under the purview of professional tax for the ...
1
0
1450
-
Subin VR
Chartered Accountant,FCA, DISA (ICAI) . Answered on March 09,2021Is GST registration required. If somebody wants to sell his product from home and there is no company ?
If your turnover about to exceed 40 lakhs in a Financial year, GST registration is compulsory; Only turnover in ...
1
0
422