Input Tax Credit

Input tax credit was allowed under Cenvat Credit Scheme and the same was allowed for utilisation for payment of duty / service tax on final product / output services. The credit was allowed on Inputs, Capital Goods and Input Services used…

ITC under GST: Uninterrupted and seamless chain of input tax credit (hereinafter referred to as, “ITC”) 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…

Input Tax Credit Restriction: The introduction of Goods and Services Tax is a significant step in the reform of indirect taxation in our country. Amalgamating several Central and State taxes into a single tax would mitigate cascading…

Matching Concept of ITC under GST: One of the main motives of introducing GST was seamless flow of credit during the supply chain and hence mitigating cascading effect of taxes. Under GST regime normally credit of input tax on all goods…

Have you not availed any ITC of F.Y. 2017-18?: Trade & Industry was in the panic situation and confusion on various interpretation of law of availing the ITC on or before due date offiling GST Return for the month of Sept 2018. Majority…

Eligibility & conditions for taking Input Tax credit - 10 Questions Answered. Section 16 of CGST Act, made applicable to IGST vide Section 20 of IGST Act and Section 21 of UTGST. Hopefully GST will be implemented by July 1, 2017…

Matching of Input Tax Credit (ITC) under GST: Input credit means at the time of paying tax on output, you can reduce the tax you have already paid on inputs and pay the balance amount. Here’s how... When you buy a product/service from a…

GST ITC Formats, Download GST Input Tax Credit Formats 2018. Download Goods And Services Tax ITC Formats as per GST Act 2018 in PDF and Excel Format. Download GST ITC Formats in PDF Format. Download Goods and Service Tax ITC Formats in PDF…

GST ITC Rules 2017: CBEC Release GST ITC Rules in new GST Bill 2017. Check Rules of Input Tax Credit under GST Regime. Recently GST Law 2017 is release by CBEC so here we provide Latest GST ITC Rules. In this article you may find complete…

Shifting of Existing Input Tax Credit on Closing Stock to GST Regime. Shifting of existing Input Tax Credit on Closing Stock in GST - As per Transition Provision U/S 140(3) of CGST Act 2017. Check Impact Current Duty Liability V/s GST…