Question ID :
35837
GST INPUT TAX CREDIT
Whether GST Input Tax Credit available on purchase of GOLD BAR by Pvt. Ltd. Company if Purchase of Gold Bar is for Long Term Investment Purpose ?
Please guide us...
Posted by
ANKIT MAHESHBHAI RASANIA
on
Oct 09, 2018
Filed Under
GST
Eligibility to credit is linked to 'use in business'. Purpose of purchase is stated to be 'investment' which does not appear to be for 'business'. Since, purchase of gold is not for business, there will not be any output tax and hence, no input tax credit.
Please examine who is person purchasing gold bars and whether it is possible to exclude this activity of the person from the business of this person.
Posted by
CA. JATIN CHRISTOPHER A on
Oct 10, 2018