Input tax credit eligibility hinges on business use of gold; credit available only when used in taxable supplies.
Whether purchase of gold qualifies for input tax credit depends on its use in the business: if the business sells gold as such or the gold is used to manufacture jewellery for supply, credit is available; if acquired for personal consumption or distributed to customers (as held in an advance ruling), credit is not available. (AI Summary)
respected sir,
one of my clint purchased 10 lakh rupees gold and obtained tax invoice during fy 2020-21.and it was included in business assets in balance sheet. plese discuss whether this input supply qulified as in the course of business supply and eligible for taking input tax credit or not please discuss
thanking you
Goods and Services Tax - GST
TaxTMI 
TaxTMI 
03 May 2021 
1345 Views 