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#TaxmannAdvisory | Input Tax Credit of Motor Vehicles used for Renting/Hiring

Taxmann
35.7K subscribers
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1.6K views 2 years ago INDIA
#TaxmannAdvisory #TaxmannResearch #InputTaxCredit #MotorVehicles #GST #GSTITC #GSTLaws The GST Department these days are denying the benefit of Input Tax Credit (’ITC’) on the purchase of motor vehicles to the suppliers engaged in providing services by way of renting or hiring such motor vehicles. The Department claims that the benefit of the exclusion clause under Section 17(5)(a) is not available since these suppliers are not engaged in reselling such motor vehicles. Considering the controversy and the relevance of the issue, Sunil Kumar, Manager of Taxmann Advisory and Research, has discussed the following points in detail: • Background of the issue along with the relevant provisions under the GST law • Department’s argument in denying the benefit • Taxmann’s analysis on the above issue and arguments in favour of the assessee • Way Forward You can reach us at connect@taxmann.com in case of any queries. _____________________________________ …...more
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#TaxmannAdvisory | Input Tax Credit of Motor Vehicles used for Renting/Hiring
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1,642Views
2022Jun 16
#TaxmannAdvisory #TaxmannResearch #InputTaxCredit #MotorVehicles #GST #GSTITC #GSTLaws The GST Department these days are denying the benefit of Input Tax Credit (’ITC’) on the purchase of motor vehicles to the suppliers engaged in providing services by way of renting or hiring such motor vehicles. The Department claims that the benefit of the exclusion clause under Section 17(5)(a) is not available since these suppliers are not engaged in reselling such motor vehicles. Considering the controversy and the relevance of the issue, Sunil Kumar, Manager of Taxmann Advisory and Research, has discussed the following points in detail: • Background of the issue along with the relevant provisions under the GST law • Department’s argument in denying the benefit • Taxmann’s analysis on the above issue and arguments in favour of the assessee • Way Forward You can reach us at connect@taxmann.com in case of any queries. __________________________________________________________________________________________ Bonus: • Get a 7-days free trial for Taxmann.com | Research: https://www.taxmann.com/research • Introducing Taxmann.com | Practice Your virtual legal advisor that helps you understand complex legal concepts and enables you to give instant & best-in-class advice to your clients. This platform delivers complete, updated, accurate, and authentic content in a simple language that is easy to understand. Start your search on any concept of the Law using keywords or section no.: https://www.taxmann.com/practice • All Taxmann Books now come with a 15-Mins Free Trial! Get Started Now! http://taxmann.com/virtualbooks/library _________________________________________________________________________________________ Like our Content? Follow Us for More! • Like us on Facebook:   / taxmannindia   • Follow us on Twitter:   / taxmannindia   • Follow us on LinkedIn:   / taxmann   • Follow us on Instagram:   / taxmannindia   • Subscribe to Taxmann's Telegram Channel: https://t.me/taxmannprofessionals • Subscribe to Taxmann's Free Newsletter for Tax & Corporate Laws of India: https://www.getrevue.co/profile/taxma... • Introducing the TAXMANN's PODCAST! | Your Hands-free Weekly Update on Everything Tax & Corporate Laws | Listen Now! https://thetaxmannpodcast.buzzsprout.com __________________________________________________________________________________________

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Taxmann

35.7K subscribers