TMI BlogITC ON COMMERCIAL VEHICLE PURCHASED ON LOANX X X X Extracts X X X X X X X X Extracts X X X X ..... 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 incurring 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 l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oan 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 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. Sinc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 limited 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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o 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 replies. 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 R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eply = 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 - ITC ON COMMERCIAL VEHICLE PURCHASED ON LOAN - Query Started By: - sonu jain Dated:- 24-9-2018 Goods and Services Tax - GST - Got 5 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rt, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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