AAAR : Disallows ITC on cash carrying vans, ‘money’ transported does not constitute "goods"

Maharashtra Appellate Authority for Advance Ruling (AAAR) holds that Input Tax Credit is not available on purchase of motor vehicles, i.e. cash carrying vans, which are used for cash management business and disposed thereafter as ‘scrap’; Perusing definitions of ‘goods’ and ‘money’ contained u/s 2(52) and 2(75) of CGST Act, AAAR remarks, “Since the cash carry vehicles are deployed to carry cash and bullion for other than numismatic purposes, the cash carried by ...