Claiming GST on Credit Card Fees as ITC?

[JustMak]

Is it possible to claim back the GST paid on credit card joining/renewal fees as Input Tax Credit (ITC)? What is the procedure, if possible.

 

[vaibhav111vaibhav111 is verified member.]

Salaried folks cannot claim GST deductions on credit card fees. This benefit is applicable for businesses and corporations.

For example, an Amex card with a 72k joining fee and 12k GST would require you to provide your GST number. The bank will then offer you a GST credit.

For most banks that charge GST on joining and annual fees, it may not be worth the hassle of claiming deductions for relatively small amounts.

Is it possible to claim back the GST paid on credit card joining/renewal fees as Input Tax Credit (ITC)? What is the procedure, if possible.

 

[Deleted member 11974]

amex allows this
not sure about other cards

 

[ThatWebGuy]

Is it possible to claim back the GST paid on credit card joining/renewal fees as Input Tax Credit (ITC)? What is the procedure, if possible.

Forget claiming that ITC on your credit card fee. That benefit is only for businesses! Here's the simple reason:
Credit card fees aren't considered a "work expense" for you.
They're mostly for buying stuff for yourself, so the tax on the fee is like any other commercial tax.

 

[aayusharyan]

Forget claiming that ITC on your credit card fee. That benefit is only for businesses! Here's the simple reason:
Credit card fees aren't considered a "work expense" for you.
They're mostly for buying stuff for yourself, so the tax on the fee is like any other commercial tax.

Ohhhh, I should do that, Anyone who has done it with Amex? Please share steps. 🙏🏻

 

[KFO iug]

Forget claiming that ITC on your credit card fee. That benefit is only for businesses! Here's the simple reason:
Credit card fees aren't considered a "work expense" for you.
They're mostly for buying stuff for yourself, so the tax on the fee is like any other commercial tax.

Why do you assume he’s salaried and doesn’t run a business?