Goods and Services Tax

ITC ON COMMERCIAL VEHICLE PURCHASED ON LOAN

Goods and Services Tax – Started By: – sonu jain – Dated:- 24-9-2018 Last Replied Date:- 26-9-2018 – 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 :a. Can i avail ITC on the above purchase?b. 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? – Reply By Yash Jain – The Reply = Dear Sir,Yes you can very well avail the ITC.Reason : You are using it for the furtherance of your business.Take invoice in the name as being mentioned in GST Certificate

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