Live Help
Your Session Will Expire in   seconds.
If you do not wish to log-out, choose 'Let me continue'
Reset SessionCancel Session
 

Computers, laptops etc., used by the service provider would not qualify as an input, ineligible for transitional ITC

March 13, 2019[2019] 103 taxmann.com 171 (AAAR-KERALA)
337 Views

GST : Computers, laptops etc., used by appellant for providing output service would not qualify as inputs, though they were physically available as on 30th June, 2017, for purpose of availing transitional input tax credit of VAT paid during pre-GST period, under Section 140 of KSGST Act, 2017

• The applicant-company was engaged in the activity of providing various retail financial services like stock broking, share broking, marketing of initial public offering of companies and mutual funds, corporate advisory services etc., which were not taxable under VAT Law. It had in its possession physical stock of goods such as computers, laptops etc., which were utilized by them in providing the output services. It had availed input tax credit on closing stock of computers, laptops and other goods lying in its physical possession as on 30-6-2017.

• The applicant had preferred an application for advance ruling on the question that whether computers, laptops etc., used by the applicant for providing output service would qualify as inputs for the purpose of availing transitional ITC under Section 140(3) of KSGST Act. If the goods are physically available as closing stock as on 30th June, 2017, the applicant could avail ITC for the VAT paid.

• The computers, laptops etc., used by appellant for providing output service can only be claimed as capital goods and would not qualify as inputs, though they are physically available as on 30th June, 2017, for purpose of availing transitional input tax credit of VAT paid during pre-GST period, under Section 140 of KSGST Act, 2017.

read more

taxmann.com
Payment
Best view in 1140 x 768