Whether ITC Available on All Expenses?

Last updated at April 16, 2024 by

Government has made a list of expenses on which Input Tax Credit will not be available

Whether ITC Available on all exp.jpg

 

Example
Government does not allow GST Charged on food items 
But if we are in food business ,we can claim ITC of the same
 
 
What is blocked Credit
These expenses on which Input is not available are called Blocked Credit as per Section 17(5)
 
Note-If expenses is not falling in this list, ITC will be available
 
Detailed Blocked Credit list
 
Blocked Credit.png
 
Lets understand different parts of this list one by one
 
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Transcript

WHETHER ITC AVAILABLE ON ALL EXPENSES • Food Items • Catering • Life and Medical Insurance • Leave Travel • Passenger Transport* • Food Purchased by food Business • Catering taken by Catering Business • Stock Insurance • Official Travel • All other goods for Official Use like Stationary for Office • Goods for Personal Use like Stationary for Children • Goods Transport Example Example teachoo.com CERTAIN EXPENSES ALL OTHER EXPENSES No ITC ITC Available

CA Maninder Singh's photo - Co-founder, Teachoo

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CA Maninder Singh

CA Maninder Singh is a Chartered Accountant for the past 14 years. He also provides Accounts Tax GST Training in Delhi, Kerala and online.