input tax credit

Input not eligible for Input Tax Credit (ITC) under GST

Goods and Services Tax - Introduction:- Time has been arrived for filing of GST Returns but in some transactions we are not very much clear whether ITC has been availed for a particular transactions or not. Section-17(5) of CGST Act, 2017 will provide light in this matter. This article will provide detail lists of Input not eligible for Input Tax […]...

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GST: How is Input Tax Credit Used?

Goods and Services Tax - Introduction: This article discusses in detail about adjustment order of Input tax credit under GST. Query:  As per rule first IGST has to be adjusted in CGST and then SGST, but because of lack of knowledge, IGST has been adjusted 50-50 against tax liabilities as per below screen shot and submitted GSTR 3B, and deposited […]...

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Input Tax Credit under GST: Everything that has changed

Goods and Services Tax - One of the key areas, which GST has impacted, is Input Tax Credit or ITC. Input Tax Credit is not a new concept and it existed before GST also. However, ITC under VAT (Value Added Tax) was a different concept. It is basically a is a charge on the supplies of inputs i.e., raw materials. It is imposed by the government on the person who re...

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Input Tax Credit will not be lost in transition to GST

Goods and Services Tax - Are you worried about what will happen to the input tax credit [ITC) on your inputs (held as input/ semi-finisbed goods/ finished goods]/capital floods upon transition to GST?:- The law allows you to carry forward your input tax credit and ensures that no ITC is lost while migrating into the new regime. The following table provides the de...

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Transition of Tax Credits to GST Regime – An overview

Goods and Services Tax - With the introduction of GST Regime, a taxpayer is required to carry forward the balance of CENVAT credit / Input Tax Credit (ITC) to GST regime and adjust it against GST liability. Also, vide section 140(3) of Transitional Provisions contained in Central Goods and Services Tax Act, 2017 (CGST Act)...

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Draft GST Input Tax Credit (ITC) Rules as Released on 31.03.2017

Goods and Services Tax - Input Tax Credit 1. Documentary requirements and conditions for claiming input tax credit (1) The input tax credit shall be availed by a registered person, including the Input Service Distributor, on the basis of any of the following documents, namely:- (a) an invoice issued by the supplier of goods or services or both in accordance [&hel...

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CAG report on irregular Availment/Utilisation of Cenvat Credit

Goods and Services Tax - Availment/Utilisation of Cenvat Credit A provider of taxable services can, in terms of rule 4 of the Cenvat Credit Rules, 2004 avail credit of excise duty paid on inputs and capital goods and service tax paid on any input service. The credit can be utilised towards payment of service tax subject to the fulfilment of […]...

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Filling stations in Punjab need not calculate input or output tax on purchase and sale of petrol and diesel under Punjab VAT Act, 2005

Goods and Services Tax - Filling Station dealers i.e. Retail outlets of oil companies are not required under the Punjab VAT Act 2005 to calculate output tax or input tax on the sale and purchase of petrol and diesel in view of explanation 8 which was added lately to section 2(zg) explaining the sale price of oil companies in relation to the petrol and diesel unde...

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Summary of comments made by Department of Revenue on First Discussion Paper on Goods and Service Tax (GST)

Goods and Services Tax - Department of Revenue has agreed to most of the recommendations put forward by Empowered committee in FDP on GST relating to harmonious structure of rate, taxation base, exemptions, chargeability, definition of taxable event, taxable person, valuation, classification etc.However, there are certain areas where Department of Revenue has sug...

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Alcohol will not be out of GST

Goods and Services Tax - The Centre has turned down the proposal of the empowered group of state finance ministers to keep alcohol out of goods and services tax. The government has in fact suggested that both alcohol and tobacco, which are demerit goods and considered harmful for health, should be kept under GST, with the states getting the power to levy excise ...

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Reopening for mere Mismatch Found with Dept Website not valid

M/s. JKM Graphics Solutions Private Limited Vs The Commercial Tax Officer (Madras High Court) - The respective Assessing Officers, either by themselves or on instructions from the Enforcement Wing officials have stated that there is mismatch of the details, disclosed in the returns compared with the details available with the Department....

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No disallowance of ITC for mere technical defect in VAT invoice – HC

M/s Avdesh Tracks Private Limited Vs. The State of Punjab and another (Punjab & Haryana High Court) - The Hon'ble Punjab & Haryana High Court in a crucial decision has held that input tax credit cannot be disallowed merely for a technical defect in the VAT Invoice such as non mentioning of words “Input Tax Credit is available to a person against this copy” as per Rule 54 of the Punjab VAT Rules,...

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Canteen, House keeping & cleaning service- CENVAT credit allowed

M/S. Tata Steel Ltd. Vs. Commissioner Of Central Excise & Service Tax, Jamshedur (Cestat Kolkata) - CENVAT Credit on Canteen Services and House Keeping/Cleaning Services availed in office building are admissible to Assessee when same was situated within licensed factory premises of Assessee....

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Chartered Accountants Services eligible for Input / Cenvat Credit

M/s Essar Oil Ltd Vs Commissioners of Central Excise (CESTAT Ahmedabad) - In the case of Commissioner of Central Excise, Ludhiana vs DRP Malleables Pvt. Ltd. (supra), the Tribunal held that Chartered Accountant Service is specifically covered under the scope of input service and the assessee is eligible for availing credit....

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SEZ developer can claim ST refund on Input services by CA, CS etc

AMRL Hitech City Ltd Vs Commissioner of Central Excise & ST (CESTAT Chennai) - The Appellant is registered as Multi Product Special Economic Zone (MPSEZ) as a developer of AMRL Hi-Tech City. The Appellant claimed the refund of credit paid on various input services under Rule 5 of CENVAT Credit Rules, 2004 (“CC Rules”) read with Notification No. 12/2013-ST dated July 01, 20...

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Recent Posts in "input tax credit"

Input not eligible for Input Tax Credit (ITC) under GST

Introduction:- Time has been arrived for filing of GST Returns but in some transactions we are not very much clear whether ITC has been availed for a particular transactions or not. Section-17(5) of CGST Act, 2017 will provide light in this matter. This article will provide detail lists of Input not eligible for Input Tax […]...

Read More

GST: How is Input Tax Credit Used?

Introduction: This article discusses in detail about adjustment order of Input tax credit under GST. Query:  As per rule first IGST has to be adjusted in CGST and then SGST, but because of lack of knowledge, IGST has been adjusted 50-50 against tax liabilities as per below screen shot and submitted GSTR 3B, and deposited […]...

Read More

Input Tax Credit under GST: Everything that has changed

One of the key areas, which GST has impacted, is Input Tax Credit or ITC. Input Tax Credit is not a new concept and it existed before GST also. However, ITC under VAT (Value Added Tax) was a different concept. It is basically a is a charge on the supplies of inputs i.e., raw materials. It is imposed by the government on the person who re...

Read More

Input Tax Credit will not be lost in transition to GST

Are you worried about what will happen to the input tax credit [ITC) on your inputs (held as input/ semi-finisbed goods/ finished goods]/capital floods upon transition to GST?:- The law allows you to carry forward your input tax credit and ensures that no ITC is lost while migrating into the new regime. The following table provides the de...

Read More

Transition of Tax Credits to GST Regime – An overview

With the introduction of GST Regime, a taxpayer is required to carry forward the balance of CENVAT credit / Input Tax Credit (ITC) to GST regime and adjust it against GST liability. Also, vide section 140(3) of Transitional Provisions contained in Central Goods and Services Tax Act, 2017 (CGST Act)...

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Input Tax Credit under GST Regime

Broken Input tax credit chain across India majorly calls for the tax reform GST. In the pre GST scenario, cascading of tax remained significant due to non availability of ITC at various stages. Like ITC of CST, Entry Tax, Luxury Tax etc never been available for payment of other taxes....

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Input Tax Credit Mechanism & Documents required in GST

ITC is a mechanism to ensure that the supplier needs to pay GST in cash only on the value addition. ITC mechanism thereby avoids cascading of taxes that is ‘tax on tax’. Under the previous system of indirect taxation, credit of taxes being levied by Central Government was not available as set-off for payment of taxes levied by State G...

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Conditions to get Entitlement of Input Tax Credit under GST

You can be entitled for Input Tax Credit if you satisfy the below mentioned conditions: To get the benefits of ITC, you must satisfy the following conditions:...

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Tax Rate on Services under GST & availability of Input Tax Credit

1. Transport Services: Tax rate ITC – Services ITC – Goods (a) Goods by rail (i) Containers 12 Y Y (ii) Others 5 Y N (b) Passengers by rail (Ex. sleeper class) 5 Y N (c) GTA Services (i) Household goods for personal use 5 N N (ii) Others (RCM) 5 N N (d) Goods […]...

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How to Set Off Input Tax Credit Against Tax Liability in GST Regime

GST is a dual concept system. On every transaction (within a state), there will be component of Central GST (CGST) and State GST (SGST). Integrated GST (IGST) is for interstate transactions. Therefore, it is important for businesses to know how to set off the input credit against each of these components in the order as prescribed by the ...

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