ITC Under GST Law

According to Section 16 (1) of CGST Act, 2017: Every registered person shall, subject to such conditions and restrictions as may be prescribed and in the manner specified in section 49, be entitled to take credit of input tax charged on…

Utilization of Electronic Cash and Input Tax Credit (ITC) Ledger: After submitting the GSTR-3B return, I was trying to make payment of the tax and was trying to offset my liability from the Electronic Cash Ledger; however I faced error. On…

Concept of matching, reversal, and reclaim of ITC: The process of ITC matching begins after the due dates for filing the return that is the 20th. This is carried out by the portal, GSTN. The details of every inward supply per return…

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 under GST Law, How to Claim ITC Under GST Law. 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…

Cannot Claim ITC under GST Act, Who Can not Claim 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…

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…

Availability of credit in special cases under GST - 9 Questions Answered. Section 18 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. On bringing…