Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the cl...
Article 8 treaty coverage excluded third-party airline support services, while documented demonetisation cash receipts remained accepted business inco...
Functional comparability under TNMM requires highway contract benchmarks to reflect operation, maintenance and transfer activities, requiring fresh be...
Availability of input tax credit is restricted on inward supplies like spare purchases, repairs, and refurbishment costs, except for old or used motor vehicles as per Notification 8/2018-Central Tax (Rate). The applicant, a registered taxpayer dealing in second-hand luxury cars, can claim input tax credit on expenses related to vehicle evaluation, refurbishment, and replacement of parts. The applicant can avail credit on direct and indirect expenses for the business, subject to conditions u/ss 16 to 21 of the CGST Act and rules 36 to 45 of CGST Rules. The ruling clarifies that there is no restriction on claiming input tax credit for expenses incurred in the second-hand luxury car business.
Availability of input tax credit is restricted on inward supplies like spare purchases, repairs, and refurbishment costs, except for old or used motor vehicles as per Notification 8/2018-Central Tax (Rate). The applicant, a registered taxpayer dealing in second-hand luxury cars, can claim input tax credit on expenses related to vehicle evaluation, refurbishment, and replacement of parts. The applicant can avail credit on direct and indirect expenses for the business, subject to conditions u/ss 16 to 21 of the CGST Act and rules 36 to 45 of CGST Rules. The ruling clarifies that there is no restriction on claiming input tax credit for expenses incurred in the second-hand luxury car business.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
