Team Herald
PANJIM: Accepting a proposal by Chief Minister Pramod Sawant, the Goods and Services Tax (GST) Council on Monday, agreed to issue suitable clarification for allowing input tax credit (ITC) on purchase of demo cars used for promoting sale of such vehicles.
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During the 54th GST Council meeting chaired by Union Finance Minister Nirmala Sitharaman at New Delhi, Sawant raised the issue of blocked ITC on purchase of demo cars by authorised car selling dealers which they use for giving test drives to new customers.
Sawant requested for giving clarification for allowing ITC. After detailed discussion, the GST Council accepted this proposal and agreed to issue suitable clarification to that effect for allowing ITC on purchase of demo cars used for promoting sale of such vehicles. The decision will benefit all authorised car dealers in the State and across the country.
During the meeting, Sawant, who is also the convenor of the Group of Ministers (GoM), made a brief presentation before the GST Council giving details of work done so far by the GoM and informed that the next meeting of the GoM is fixed in Goa on September 24, for completing the task assigned of giving relief to the real estate sector for boosting its growth.
Sawant said that several decisions taken by the 54th GST Council meeting will benefit the trade and industry and help the business and economy to grow faster.
