input tax credit

How to avail Input Tax Credit under GST law

Goods and Services Tax - Articles explains Conditions to avail Input tax credit under GST, Important Points related to Input tax credit under GST, Input Tax Credit if Depreciation been claimed on Tax Amount, Due Date for Input tax credit under GST and Documents for availing Input tax credit under GST. Section 16 of CGST Act, 2017 laid down the eligibility and [...

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Analysis of Interest on Reversal when Payment Not Made in 180 Days

Goods and Services Tax - If the registered person avails credit on accrual basis and does not pay the invoice value to his supplier of goods or services or both within 180 days from the date of issue of the invoice, he would be required add the ineligible credit so availed, as his output tax liability in Form GSTR-2 in the month immediately succeeding the six-mon...

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Eligibility and Conditions for taking input tax credit u/s 16 of CGST Act, 2017 r/w Rule 36 & 37 of CGST Rules, 2017

Goods and Services Tax - In this article we are going to discuss the eligibility criteria for availing the input tax credit (ITC) and the conditions which are required to be fulfilled for the said purpose....

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Input Service Distributor (ISD) Simplified – Part 1

Goods and Services Tax - A. Input Service Distributor (Its Need and definition): The concept of input service distributor is not new now and this existed even in the service tax law (now subsumed in GST Law). This concept has been brought into GST regime also due to its need in business. As the services are intangible, it is not […]...

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Analysis of Blocked credit under the GST Regime

Goods and Services Tax - As per the provisions of the Section 17, there are certain conditions/ restrictions on the availability of the Input tax Credit (ITC) to be utilized by the registered person. Following are the ITC’s which have been blocked/ not allowed under the GST regime....

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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"

How to avail Input Tax Credit under GST law

Articles explains Conditions to avail Input tax credit under GST, Important Points related to Input tax credit under GST, Input Tax Credit if Depreciation been claimed on Tax Amount, Due Date for Input tax credit under GST and Documents for availing Input tax credit under GST. Section 16 of CGST Act, 2017 laid down the eligibility and [...

Read More

Analysis of Interest on Reversal when Payment Not Made in 180 Days

If the registered person avails credit on accrual basis and does not pay the invoice value to his supplier of goods or services or both within 180 days from the date of issue of the invoice, he would be required add the ineligible credit so availed, as his output tax liability in Form GSTR-2 in the month immediately succeeding the six-mon...

Read More

Eligibility and Conditions for taking input tax credit u/s 16 of CGST Act, 2017 r/w Rule 36 & 37 of CGST Rules, 2017

In this article we are going to discuss the eligibility criteria for availing the input tax credit (ITC) and the conditions which are required to be fulfilled for the said purpose....

Read More

Input Service Distributor (ISD) Simplified – Part 1

A. Input Service Distributor (Its Need and definition): The concept of input service distributor is not new now and this existed even in the service tax law (now subsumed in GST Law). This concept has been brought into GST regime also due to its need in business. As the services are intangible, it is not […]...

Read More

Analysis of Blocked credit under the GST Regime

As per the provisions of the Section 17, there are certain conditions/ restrictions on the availability of the Input tax Credit (ITC) to be utilized by the registered person. Following are the ITC’s which have been blocked/ not allowed under the GST regime....

Read More

Interest in case of input tax credit (ITC) and mismatch thereof

One of the fundamental features of GST is the seamless flow of input tax credit (ITC) across the chain (from the origin of the goods/services till its consumer). This seamless flow was to be monitored by way of the matching concept under GST whereby fictitious/duplicate claims were to be identified and reversed. ...

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All about ITC on Expenses Related to Motor Vehicle

Once we conclude that only input tax credit on motor vehicle is debarred we have no hesitation in concluding that input tax credit on expenses relating to motor vehicle will be allowed....

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Computation of Refund of Accumulated ITC – A hidden game by Government

In this article, an attempt has been to highlight the issues involved in computation of the refund amount attributable to unutilised ITC pertaining to Zero rated supplies made without payment of tax....

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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...

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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....

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