TMI Blogsec 16 (1)X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 suppl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y qulified as in the course of business supply and eligible for taking input tax credit or not please discuss thanking you - Reply By Rajagopalan Ranganathan - The Reply = Sir, if the nature of yo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ur 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. - Reply By YAGAY andSUN ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - The Reply = In addition to above reply, please also refer the AAR of Maharashtra in the matter of BIOSTADT INDIA LIMITED - 2019 (3) TMI 540 - AUTHORITY FOR ADVANCE RULING, MAHARASHTRA , in whic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h it was held for distribution of Gold to customers, ITC on procurement of gold coins will not be available. - sec 16 (1) - Query Started By: - giri gattupalli Dated:- 3-5-2021 Goods and Services T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax - GST - Got 2 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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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