input tax credit rule

Dont Ignore 20% Input Tax Credit Rule Which Can Block Your 100% Credit

On 9th October, 2019, various notifications were issued by the CBIC. One such notification was Notification number 49/2019, through which CGST Rules, 2017 were sought to be amended. One such amendment was with respect to insertion of Sub-rule (4) to Rule 36 of the CGST Rules.The newly added Sub-rule states that – “Input tax credit […]

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Input Tax Credit Under GST With Example

Input Tax Credit Under GST With Examples – Special Cases

Input tax credit is credit available on purchase of goods or services or both against GST payable.As per section 18 of Central Goods and Service Tax, 2017, certain circumstances have been defined where input tax credit may be availed. Special cases under which ITC can be claimed 1. Compulsory Registration When a person applies for […]

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Ineligible ITC Under GST

Ineligible ITC Under GST

GST was introduced with the view of removing cascading effect of taxes that existed under previous indirect laws. Any manufacturer, trader, retailer, supplier, e-commerce operator or any other person who is registered under the GST Act and has a valid GSTN can claim credit on purchases / inward supplies received by him. However, there certain […]

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input tax credit under gst with example

Input Tax Credit (ITC) Under GST With Examples

One of the objectives of GST was to eradicate cascading effect of taxes which existed under excise, VAT and service tax. Under GST input tax credit can be claimed irrespective of place of supplier, thus making accessibility for sales and purchase of goods easier.Let us now understand the concept of input tax credit in detail […]

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ITC Utilization as per New Method with Examples

Even though GST is single Tax System, but it has ingredients of  3 Taxes ( CGST / SGST / IGST ) and Cess. Therefore taxpayer is required to pay correct tax as well as utilise Input Tax Credit (ITC) as per provisions given. In case of wrong payment of taxes, as per Sec 77 of […]

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