Question ID :
40691
ITC IN CASE OF FOREX DEALER
ASSESSEE WHO IS WORKING AS A MONEY CHANGER AND DEAL IN FOREIGN EXCHANGE. HE PAID GST AS PER THE VALUATION RULES STATED IN RULE 32 OF GST ACT. CAN HE TAKE ITC ON THE INPUT AND INPUT SERVICES WHICH IS RELATED TO FURTHEERENCE OF HIS BUSINESS. THNAK YOU IN ADVANCE.
Posted by
AJITKUMAR L PATEL
on
Jun 19, 2020
Filed Under
GST
Value is determined as per the Vaulation Rules in specified cases. ITC is governed by Section 16 & restricted to the extent of blocked credit 17(5).
Hence, ITC is eligible unless specifically provided by any rate notification in guise of reduced rate of tax.
Do you have any reason to believe that ITC shall not be eligible?
Posted by
SACHIN AGARWAL on
Jun 23, 2020