The Karnataka Authority for Advance Ruling (AAR), held that claim of Input Tax Credit can be made on Capital Goods under Marginal Scheme. The applicant, M/s Attica Gold Private Ltd is into the sale of second-hand goods i.e used gold jewellery which they are buying from individual persons and hence they following “Marginal Scheme” for discharging the GST liability under Rule 32(5) of the COST Rules 2017. The Applicant wants to know whether they can claim Input Tax Credit on the expenses like Rent, Advertisement expenses, commission, Professional expenses and other like expenses while being under Marginal Scheme.
Source Taxscan
Latest Posts in "India"
- India to Impose New Health and Security Tax on Tobacco Machinery, Amend GST Compensation Levy
- Punjab Trade, Tax Bodies Threaten Statewide Stir Over Delayed VAT, GST Refunds
- Briefing Document & Podcast: E-Invoicing and E-Reporting in India
- Meghalaya Extends VAT Exemption on Fruit Wine to 10 Years, Boosting Local Wine Industry
- Allahabad HC: Arbitrary GST Registration Cancellations Without Reasons Amount to ‘Economic Death’ for Businesses
