Equipping Modern Enterprises with Powerful GST, E-Way Bill & E-Invoicing Solutions

logo image
  • GST Filing & Reconciliation
  • E-Way Bill Automation & E-Way Bill APIs
  • E-Invoicing Simplified
  • GSTIN Search
  • Expert Assistance

What is GST ITC 04 Form?

GST ITC 04 Form is used by GST registered taxpayers to file quarterly returns to claim Input Tax Credit (ITC). With the help of this form, the details of the inputs or the goods sent to the job worker and received from the job worker are recorded. Here, the quantity and description of goods which … Read moreWhat is GST ITC 04 Form?

Matching, Reversal and Reclaim of Input Tax Credit (ITC)

Matching, reversal, and reclaim of Input Tax Credit (ITC) are important for taxpayers because it helps in claiming the accurate amount of ITC without any discrepancy. One can be considered as completely compliant to GST if their ITC claims are in place. The following topics have been discussed in this article like reclaim of ITC … Read moreMatching, Reversal and Reclaim of Input Tax Credit (ITC)

Conditions to Claim Input Tax Credit under GST

Goods and Services Tax (GST) has made conditions for claiming Input Tax Credit (ITC) a lot simpler. However, there are certain conditions which must be fulfilled before claiming Input Tax Credit (ITC). The topics covered in this article are conditions for availing Input Tax Credit and what is Input Tax Credit. Table of Contents What … Read moreConditions to Claim Input Tax Credit under GST

Input Tax Credit (ITC) on Employee Expenses

History Every registered taxpayer under GST who continues any business wherever in India/State can avail Input tax credit (ITC). Moreover, the ITC on staff welfare expenses amount allowable to him will be credited to his e-credit ledger. The ITC on uniform expenses under GST is permissible to the degree utilized in the course of business … Read moreInput Tax Credit (ITC) on Employee Expenses

Input Tax Credit under GST

The term “Input Tax Credit” assumes significant importance in the arena of indirect taxation. Let us zero in on our analysis on this topic under GST regime. “Input tax” means the GST Taxes (CGST, SGST, IGST) charged on any supply of goods or services or both made to a registered person in the course or furtherance of his business and includes such tax payable on reverse charge basis— but excludes tax paid under composition levy.

How to Calculate Input Tax Credit (ITC) under GST?

Calculation of Input Tax Credit In simple words, “Credit on tax can be claimed by a supplier on the output of goods and set off against tax paid earlier on the input of the goods”. The idea is to reduce the cascading effect and lessen the tax burden, ultimately eliminating dual tax payments. Let us, … Read moreHow to Calculate Input Tax Credit (ITC) under GST?

Input Tax Credit Under GST – Applicable Rules

The concept of Input tax credit (ITC) was introduced to avoid the cascading effect of indirect taxes. The ITC related provisions are stated in Section 16 of the CGST Act, 2017 and Rule 36 of the CGST Rules, 2017. You can refer to this  article for the basic details. In this article, we have summarised … Read moreInput Tax Credit Under GST – Applicable Rules

Preparing ITC-04 Using Offline Utility

The GST law generally allows a registered person (principal) to send inputs and capital goods to the job-worker without the payment of GST as long as the inputs are returned within 1 year and the capital goods are returned within 3 years. In such a case, the principal will have to file a declaration in … Read morePreparing ITC-04 Using Offline Utility