Claim GST Input Credit
When it comes to claiming GST input credit for a mobile phone purchased in the name of your shop but used for personal purposes, there are certain factors to consider. As an individual with a shop that has a GST number and pays GST monthly. You may wonder if you are eligible to claim input credit for such a purchase.
Typically, GST input credit allows businesses to claim credit for the GST paid on their purchases. Which can offset against the GST liability on their sales. However, the eligibility for claiming input credit on a mobile phone used for personal purposes can be subject to specific rules and regulations.
In general, the GST laws primarily focus on the business use of goods and services for claiming input credit. If the mobile phone is predominantly used for personal purposes, it may not qualify for GST input credit. This is because the GST credit mean to utilize for business-related expenses only.
For more information to visit https://www.gst.gov.in/
However, if there is a clear distinction between the business and personal use of the mobile phone, you may be able to claim input credit for the business portion. This would require maintaining proper records and evidence to substantiate the business use of the mobile phone, such as call logs, messaging history, or any other relevant documentation.
It’s important to consult with a tax professional or seek guidance from the appropriate tax authority in your jurisdiction to understand the specific rules and requirements regarding the claiming of GST input credit for personal use of business assets. They can provide you with accurate and up-to-date information based on the applicable laws and regulations.
