Ratification of resignation acceptance validates separation retrospectively, while withdrawal may be refused through reasoned administrative discretio...
Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
Residential waste collection classification under SAC 999423 defeats composite-supply exemption where facilitating goods are not transferred to the lo...
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This circular clarifies the availability of input tax credit (ITC) on demo vehicles used by authorized dealers of motor vehicles. Key points are: ITC is available on demo vehicles used for demonstrating features to potential buyers as they promote further supply of such vehicles. However, ITC is blocked if demo vehicles are used for staff transportation. For dealers acting as agents providing marketing services, ITC is blocked as they are not making further supply. Capitalization of demo vehicles doesn't impact ITC eligibility, but depreciation claimed under Income Tax Act will block ITC. On subsequent sale of capitalized demo vehicle, reversal provisions apply. The circular aims to ensure uniform implementation across field formations.
This circular clarifies the availability of input tax credit (ITC) on demo vehicles used by authorized dealers of motor vehicles. Key points are: ITC is available on demo vehicles used for demonstrating features to potential buyers as they promote further supply of such vehicles. However, ITC is blocked if demo vehicles are used for staff transportation. For dealers acting as agents providing marketing services, ITC is blocked as they are not making further supply. Capitalization of demo vehicles doesn't impact ITC eligibility, but depreciation claimed under Income Tax Act will block ITC. On subsequent sale of capitalized demo vehicle, reversal provisions apply. The circular aims to ensure uniform implementation across field formations.
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