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sec 16 (1), Goods and Services Tax - GST

Issue Id: - 117201
Dated: 3-5-2021
By:- giri gattupalli
sec 16 (1)

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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

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1 Dated: 3-5-2021
By:- Rajagopalan Ranganathan


if the nature of your client' business is supplying (selling) gold as such or use the same for manufacture of gold jewellary and supply/sell the same to customers then your client is eligible to avail ITC. Normally purchase of gold will be treated as for personal consumption. In that case ITC is not available. If it is used in the course or furtherance of business then ITC is available.


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