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Itc Under Gst


Conditions to Claim Input Tax Credit under GST

Input Tax Credit under GST can be claimed by any registered person if its conditions are followed properly. ITC is the backbone of GST and a very important subject for registered taxpayers.


Is ITC Available on Diwali Gifts?

A taxpayer shall be eligible to claim input tax credit on the Diwali gifts purchased by it and distributed to persons related to business but there shall be no ITC with respect to the sweets.


Goods and Services not eligible for ITC

Goods/Services NOT ELIGIBLE for Input Tax Credit Motor vehicles and conveyances (includes cars, buses, aircraft, trucks boats, etc), except when the taxpayer is involved in purchase and supply of such other vehicles or conveyances


What is GST ITC 04 Form?

GST ITC 04 is a form used by GST registered taxpayers to file quarterly returns to claim Input Tax Credit (ITC). The details of the inputs or the goods sent to the job worker and received from the job worker are also recorded.


Input Tax Credit under GST

Input Tax Credit in GST assumes significant importance in the arena of indirect taxation. “Input Tax” means the GST Taxes (CGST, SGST, IGST).


Modify, Cancel and Reject E Way Bills under GST after 24 Hours

The consignor can only cancel an e-Way Bill within 24 hours from the generation. The person who has generated the e-Way Bill can cancel that e-Way Bill, once an e-Way Bill is verified by an officer it cannot be cancelled.


Form GST ITC - 02

By filing Form GST ITC-02, The transfer of input tax credit (ITC) on sale, merger, demerger, amalgamation, lease, or transfer of a business can be done by a taxpayer. In this article, we will discuss Form GST ITC-02 in detail.


Input Tax Credit (ITC) on Employee Expenses

Credits on inputs or services which are obligatory for employers to provide to employees under any law for the time being in force being allowed.


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

To calculate the input tax credit (ITC) under GST, one can follow the mentioned steps as summarisesin this article. Before knowing how to calculate Input Tax Credit (ITC) under GST it is important for us to know what is the meaning of ITC.


Matching Reversal and Reclaim of Input Tax Credit (ITC)

Under Form GST ASMT-13 an order of Best Judgement Assessment is passed A proper officer has the power to conduct a Best Judgement Assessment when registered person fails to file his/her return.

Seep Gupta
By: Seep Gupta

3 months ago



The ITC-03 is a form that allows a taxpayer to reverse the ITC already availed. It is generally used by taxpayers registered under the composition scheme, dealers whose goods and services become exempt.


Input Tax Credit Under GST - Applicable Rules

Input Tax Credit Under GST are stated in Section 16 of the CGST Act, 2017 and Rule 36 of the CGST Rules, 2017. Input tax credit (ITC) was introduced to avoid the cascading effect of indirect taxes.

Prakash Matre
By: Prakash Matre

7 months ago