input tax credit

GST: Annual – Input Tax Credit Statement

Goods and Services Tax - The whole beauty and important feature of GST Is its so called seamless chain of input tax credit (ITC) . The purpose of ITC is to avoid the bottleneck of the existing indirect taxation system i. e cascading of taxes. Cascading of taxes, in simple language, is ‘tax on tax’. Under this new system Goods and Services Tax (GST) would mit...

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Blocked Input Tax Credit (ITC) of GST

Goods and Services Tax - This article summarizes the provision in relation to non availment of input tax credit/blocked ITC u/c 17(5) with examples in most understandable form....

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Input Tax Credit (ITC)- Confusions in GST Law: Part 1

Goods and Services Tax - The first financial year under the GST regime is coming to an end but there is no dearth of confusions in the provisions of the law. This series will focus on various issues that are still unanswered. This is the first part and we will talk about the following issue...

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ITC Reversal Due To Non-Payment Within 180 Days

Goods and Services Tax - By this time, one would have come across cases where input tax credit availed earlier for the month of July 2017 may require reversal due to non-payment within 180 days....

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Refund of unutilized ITC due to inverted rate structure – technical difficulties on GSTN

Goods and Services Tax - This article aims to highlight the practical difficulties faced in claiming the Refund of unutilized ITC due to inverted rate structure because of technical problem in the conditions put in calculation of “Maximum refund amount to be claimed in column 5 of Statement 1 of on line refund claim in GST RFD-01 A and restricting the claim per...

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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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Air Travel Agency & Outdoor Catering Service are Input Services

M/s. Nvidia Graphics Pvt. Ltd. Vs. The Commissioner of Service Tax (CESTAT Bangalore) - The CESTAT, Bangalore bench, while allowing Cenvat Credit to M/s. Nvidia Graphics Pvt. Ltd, recently held that Outdoor Catering and Air Travel Agency service are Input Services. ...

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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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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"

GST: Annual – Input Tax Credit Statement

The whole beauty and important feature of GST Is its so called seamless chain of input tax credit (ITC) . The purpose of ITC is to avoid the bottleneck of the existing indirect taxation system i. e cascading of taxes. Cascading of taxes, in simple language, is ‘tax on tax’. Under this new system Goods and Services Tax (GST) would mit...

Read More

Blocked Input Tax Credit (ITC) of GST

This article summarizes the provision in relation to non availment of input tax credit/blocked ITC u/c 17(5) with examples in most understandable form....

Read More

Input Tax Credit (ITC)- Confusions in GST Law: Part 1

The first financial year under the GST regime is coming to an end but there is no dearth of confusions in the provisions of the law. This series will focus on various issues that are still unanswered. This is the first part and we will talk about the following issue...

Read More

ITC Reversal Due To Non-Payment Within 180 Days

By this time, one would have come across cases where input tax credit availed earlier for the month of July 2017 may require reversal due to non-payment within 180 days....

Read More

Refund of unutilized ITC due to inverted rate structure – technical difficulties on GSTN

This article aims to highlight the practical difficulties faced in claiming the Refund of unutilized ITC due to inverted rate structure because of technical problem in the conditions put in calculation of “Maximum refund amount to be claimed in column 5 of Statement 1 of on line refund claim in GST RFD-01 A and restricting the claim per...

Read More

Air Travel Agency & Outdoor Catering Service are Input Services

M/s. Nvidia Graphics Pvt. Ltd. Vs. The Commissioner of Service Tax (CESTAT Bangalore)

The CESTAT, Bangalore bench, while allowing Cenvat Credit to M/s. Nvidia Graphics Pvt. Ltd, recently held that Outdoor Catering and Air Travel Agency service are Input Services. ...

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Guidance Note On Input Tax Credit under GST

Meaning of Input Tax Credit (ITC) Input tax credit (ITC) means credit of Central Tax, State Tax, Union Territory Tax, Integrated Tax and Compensation Cess paid on supply of goods or services by a supplier that can be used by a recipient for payment of its output tax liability. Integrated Tax paid on import of […]...

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Items Not Eligible for Input Tax Credit under GST

GST input tax credit mechanism allows persons registered under GST to set-off their GST tax liability. Since GST is a consumption based tax, the input tax credit mechanism ensures that the ultimate GST liability is passed on to the consumer. Though input tax credit can be claimed by a person registered under GST for most inputs, [&hellip...

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Complete Coverage of Input Tax Credit in Simplified Language

Key Points related to Input Tax Credit (ITC) CGST Act, 2017(Section 16-21): [Act, Rules, FAQs are Covered] Section 16: 1. Every registered person is eligible to take the Input tax credit of tax paid on inputs and input services which is used or intended to be use for furtherance of business....

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GST Refund in Case of Exports & Refund of Input Tax Credit in India

GST Refund: Usually when the GST paid is more than the GST liability a situation of claiming GST refund arises. A person can claim refund under section 54 of CGST Act 2017 with relevant Refund rules (Rule No. 89 to 96A). Under GST the process of claiming a refund is standardized to avoid confusion. The […]...

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