Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
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 4805
Join Channel
TaxTMI 
