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TMI BlogRegarding Input under SAC 9966X X X X Extracts X X X X X X X X Extracts X X X X ..... R/s, I have question ? Can a dealer setoff his GST amount (i.e SAC 9966 5% without input) with another HSN code . Here dealer have supply of service as well as retails businees. He is not taken any input from supply service . he taken input from retails business , which is purchase and resell it. can he adjust the Output GST tax of supply of service (i.e SAC 9966 Rent/Hire of Vehicle ) with in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... put recieved from pucrhase of goods for resell. thank you - Reply By KASTURI SETHI - The Reply = Yes. ITC can be utilized towards any taxable outward supply of goods or services. Credit is substantive right. Only two basic conditions are there:- GST must be paid on supply of inputs/input service and must utilised towards supply of outward taxable goods or services, if otherwise el ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... igible . - Reply By Ganeshan Kalyani - The Reply = Input tax credit is eligible if the input is used in course or furtherance of business. Trading and giving vehicle on hire is two different business . input tax credit for trading business is not in course or furtherance of service of giving vehicle on hire . the input does not seems to be in course or furtherance of business . Hence in my view ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... credit is not eligible . - Reply By Alkesh Jani - The Reply = Sir, Here the question is whether ITC of inputs ( here of trading) can be utilized for payment of tax with regards, to services falling under SAC 9966. In this regards, I agree with the view of Sh. Kasturiji, as there is no restriction for utilization of eligible ITC. Further, SAC 9966 can be classified under rent-a-cab service, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... therefore, ITC cannot be availed in terms of Section 17(5)(b)(iii) . Further, it would very difficult to establish the nexus with regards to during the course or furtherance of business. - Regarding Input under SAC 9966 - Query Started By: - Maikulal Bhagat Dated:- 25-2-2018 Goods and Services Tax - GST - Got 3 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rsonal 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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