If I purchase some goods, partly for reselling, and partly for my personal purposes, to what extent…
If I purchase some goods, partly for reselling, and partly for my personal purposes, to what extent can I avail Input tax credit on such purchase?
Chiranjibi Jun. 21, 2018
You will only avail credit on the proportion of the goods acquired for reselling purposes.
For clarification, here is what the CGST act states
Where the goods or services or both are used by the registered person partly for the purpose of any business and partly for other purposes, the amount of credit shall be restricted to so much of the input tax as is attributable to the purposes of his business.
