ONE OF MY CLIENT CIVIL CONTRACTOR HE HAS A TRACTOR FOR USE IN CONTRACT BUISINESS SO NOW HE TAKEN TYRE FOR TRACTOR IS INPUT ELIGIBLE FOR ITC?
Reply- Section 16 of CGST Act, clearly states that input tax credit can be taken of any good or service purchased for ‘Furtherance of Business'. Section 17(5) also does not restrict input on above item.
Posted Date: Feb 17, 2021