TaxTMI 
TaxTMI 
ITC ON COMMERCIAL VEHICLE PURCHASED ON LOAN
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....TC ON COMMERCIAL VEHICLE PURCHASED ON LOAN<br> Query (Issue) Started By: - sonu jain Dated:- 24-9-2018 Last Reply Date:- 26-9-2018 Goods and Services Tax - GST<br>Got 5 Replies<br>GST<br>I am a sole proprietor of firm M/s ABC and my frm is GST registered. I deal in taxable supply of goods @5% GST. Now, i have decided to purchase a truck (for transportation of the same goods) on LOAN . I am incurri....
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....ng GST on its cost as well on its insurance payment. So my queries is : a. Can i avail ITC on the above purchase? b. If yes, then in order to avail ITC in whose name i should take the loan under my name or under my firm's name? Reply By Yash Jain: The Reply: Dear Sir, Yes you can very well avail the ITC. Reason : You are using it for the furtherance of your business. Take invoice in the....
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.... name as being mentioned in GST Certificate. Comments from esteemed members highly solicited. Rgds Reply By DR.MARIAPPAN GOVINDARAJAN: The Reply: Yes, you can avail ITC. Since GST registration certificate is in your firm name, it may be in the firm name. Reply By Rajagopalan Ranganathan: The Reply: Sir, A firm managed by a sole proprietor is not a distinct legal person like a public limite....
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....d company. A sole proprietor firm is represented by the proprietor. Therefore you can take the loan either in your name or in the name of firm. However since you are going to avail ITC of GST paid on the vehicle cost and cost of insurance it is better to take the lone in the name which reflected in the Registration Certificate. Reply By sonu jain: The Reply: Thanks to the members for their repli....
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....es. In the GST registration certificate, trade name is my firm's name and legal name is my name, so can i take loan in my name?? Reply By Nitika Aggarwal: The Reply: Dear Sir, The loan should be taken in the name of registered person i.e. the person who is registered under the provisions of CGST Act, 2017. Regards Nitika Aggarwal 9999804960<br> Discussion Forum - Knowledge Sharing ....