input tax credit

Distribution of Input Tax Credit by Input Service Distributor

Goods and Services Tax - Input Credit only on input services can be distributed. The definition of ISD restricts the scope of the input credit to be distributed. ISD is defined to mean an office of the supplier which receives tax invoices towards receipt of input services and distributes the credit of central tax, State tax, integrated tax or Union territory tax ...

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Reversal of Input Tax Credit under GST Regime

Goods and Services Tax - If the supplier of goods or service is not paid within 180 days of the issue of the tax invoice, the recipient has to reverse the ITC availed and show it in the GSTR – 3B of the December 2017 to be filed by 20th January 2018. ...

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Input Tax Credit under new GST regime

Goods and Services Tax - Uninterrupted and seamless chain of input tax credit (ITC) is one of the key features of Goods and Services Tax (GST). Input Tax Credit is a mechanism to avoid cascading of taxes. Cascading of taxes, in simple language, is ‘tax on tax’. Under the present system of taxation, credit of taxes being levied by Central […]...

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Input Tax Credit Mechanism under Goods and Services Tax

Goods and Services Tax - Uninterrupted and seamless chain of input tax credit is one of the key features of Goods and Services Tax. ITC is a mechanism to avoid cascading of taxes. Cascading of taxes, in simple language, is 'tax on tax'. ...

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Provision of Input Tax Credit and its rules under GST ACT

Goods and Services Tax - provision of ITC and its rules under GST 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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Services provided to Facebook, Ireland is Export Service & eligible for cenvat refund

Commissioner of Service Tax Vs. M/s. Gupshup Technology India Pvt. Ltd. (CESTAT Mumbai) - They provide the SMS Aggregator services to M/s Facebook under an agreement for which the bills were raised to M/s Facebook, Ireland and the amount was received in convertible foreign currency. They filed four refund applications towards refund of unutilized cenvat credit of input services used for ...

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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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Refund of unutilized input tax credit of GST to exporters of fabrics

Circular No. 18/18/2017-GST - (16/11/2017) - Doubts have been raised regarding the restrictions of refund of unutilized input tax credit of GST paid on inputs to manufacturer exporters of fabrics [falling under chapters 50 to 55 and 60 and headings 5608, 5801, 5806] under GST....

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Recent Posts in "input tax credit"

Distribution of Input Tax Credit by Input Service Distributor

Input Credit only on input services can be distributed. The definition of ISD restricts the scope of the input credit to be distributed. ISD is defined to mean an office of the supplier which receives tax invoices towards receipt of input services and distributes the credit of central tax, State tax, integrated tax or Union territory tax ...

Read More

Reversal of Input Tax Credit under GST Regime

If the supplier of goods or service is not paid within 180 days of the issue of the tax invoice, the recipient has to reverse the ITC availed and show it in the GSTR – 3B of the December 2017 to be filed by 20th January 2018. ...

Read More

Input Tax Credit under new GST regime

Uninterrupted and seamless chain of input tax credit (ITC) is one of the key features of Goods and Services Tax (GST). Input Tax Credit is a mechanism to avoid cascading of taxes. Cascading of taxes, in simple language, is ‘tax on tax’. Under the present system of taxation, credit of taxes being levied by Central […]...

Read More

Input Tax Credit Mechanism under Goods and Services Tax

Uninterrupted and seamless chain of input tax credit is one of the key features of Goods and Services Tax. ITC is a mechanism to avoid cascading of taxes. Cascading of taxes, in simple language, is 'tax on tax'. ...

Read More

Input Tax Credit under GST: Practical Issues

GST system now became the part of our day to day finance function since last 5 months, there are various issues faced by the Government, dealers and all stake holders under this system....

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ITC on construction of Immovable property and Planning

This article will help you to plan that on what grounds, on what circumstances and on what type of goods or services, ITC can be availed....

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Input Tax Credit Under Goods and Services Act

A recipient of goods or services or both can take the credit of input tax only if he is in the possession of valid invoice or debit note issued by the registered supplier under goods and services acts and he has received goods or services or both....

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Ensure your Input credit under GST- Practical issues

We should ensure the completeness of our input tax credit claim under GST with proper internal control and check system because it will involve financial impact in the company. This article discussing about some of the mandatory checklist we should maintain in our day to day system to ensure our input credit under GST....

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Services provided to Facebook, Ireland is Export Service & eligible for cenvat refund

Commissioner of Service Tax Vs. M/s. Gupshup Technology India Pvt. Ltd. (CESTAT Mumbai)

They provide the SMS Aggregator services to M/s Facebook under an agreement for which the bills were raised to M/s Facebook, Ireland and the amount was received in convertible foreign currency. They filed four refund applications towards refund of unutilized cenvat credit of input services used for export of services in terms of Rule 5 of...

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