1. No matter where you are heading, a casual dinner near your home or a long drive trip to the north side of your country, you must keep some emergency tools in your car. This is what I have always believed. I never go anywhere without any first aid kit. I have prepared a tiny box of it. Next is the flRead more

    No matter where you are heading, a casual dinner near your home or a long drive trip to the north side of your country, you must keep some emergency tools in your car. This is what I have always believed. I never go anywhere without any first aid kit. I have prepared a tiny box of it. Next is the flashlight, as you know your car might break down in the middle of the night at any place, so there must be something to look around. Apart from this, I have a backpack of clothes and essentials as my emergency tools. When it comes to my vehicle I keep a tire gauge and a tool kit. The most important thing is the spare tire. One should never go anywhere without all of these things. These are the must have essentials that I ask my friends and family to keep as well. What do you think about it?

    See less
    • 0
  2. <a href="https://ecomplianceexpert.com/">GST Returns</a> related information please check ecomplianceexpert

    <a href=”https://ecomplianceexpert.com/”>GST Returns</a> related information please check ecomplianceexpert

    See less
    • 0
  3. Yes, you can claim ITC on bank charges if they are towards your business transactions. A statement issued by the bank can be treated as an invoice for tax. Also, you must be accordingly eligible to claim the input tax credit, based on a statement issued by the bank, as long as it contains all the paRead more

    Yes, you can claim ITC on bank charges if they are towards your business transactions. A statement issued by the bank can be treated as an invoice for tax. Also, you must be accordingly eligible to claim the input tax credit, based on a statement issued by the bank, as long as it contains all the particulars prescribed, including your GST registration number.
    However, you must ensure that the conditions laid down under section 16 and 17 of the Central GST Act, 2017 are met in your particular case while you make your claim.

    See less
    • 0
  4. Yes, only the unutilized part or amount of the ITC, i.e. input tax credit can be refunded. This can be claimed on the accumulation of the unutilized ITC because of the higher tax rate on inputs than that on the output supplies (except zero-rated/ exempted goods); and/or on goods or services on whichRead more

    Yes, only the unutilized part or amount of the ITC, i.e. input tax credit can be refunded. This can be claimed on the accumulation of the unutilized ITC because of the higher tax rate on inputs than that on the output supplies (except zero-rated/ exempted goods); and/or on goods or services on which no payment of tax was made, such as zero-rated goods/services.
    However, if the unutilized ITC is towards the GST paid on the goods exported out of India which attracts excise duty are not refundable. Also, there shall be no refund if the supplier of the goods has availed any duty drawback on the excise duty paid or claims the refund on the integrated tax paid on such supply.

    See less
    • 0
  5. Input Tax Credit, ITC towards business purposes are held eligible ITC and those used for purposes other than business are not able to claim the ITC except blocked credit, which is separately provided specifically. Section 17(5) of the Central GST Act 2017, decalres an entire class of cases where forRead more

    Input Tax Credit, ITC towards business purposes are held eligible ITC and those used for purposes other than business are not able to claim the ITC except blocked credit, which is separately provided specifically.
    Section 17(5) of the Central GST Act 2017, decalres an entire class of cases where for certain goods & services, the ITC remains blocked. Such Input Tax Credit is held ineligible or blocked credits under the GST.

    See less
    • 0
  6. You can claim the refund of the payment of excess GST, as input GST credit. As per the Central Goods and Services Tax Act, 2017, Section 54 (3), a registered person may claim a refund of the unutilised Input Tax Credit at the end of any tax period. Since a tax period is a period for which a return iRead more

    You can claim the refund of the payment of excess GST, as input GST credit.
    As per the Central Goods and Services Tax Act, 2017, Section 54 (3), a registered person may claim a refund of the unutilised Input Tax Credit at the end of any tax period. Since a tax period is a period for which a return is required to be furnished, a taxpayer may claim a refund of the unutilised Input Tax Credit on a monthly basis. However, starting from January 2021, the provisional credit is restricted to 5 per cent. According to Rule 86B under GST, if the value of taxable supply exceeds 50 lakhs in a month, then the registered taxpayer cannot use the available credit amount to discharge his output tax if it exceeds 99% of tax liability

    See less
    • 0
  7. As per Section 54(3) of the CGST Act, 2017, a registered person can claim a refund of unutilised input tax credit by the end of any taxation period. Now since a tax period is the period for which return is required to be furnished, a taxpayer can claim refund of unutilised ITC on monthly basis. On aRead more

    As per Section 54(3) of the CGST Act, 2017, a registered person can claim a refund of unutilised input tax credit by the end of any taxation period. Now since a tax period is the period for which return is required to be furnished, a taxpayer can claim refund of unutilised ITC on monthly basis.
    On any excess payment of GST for an input tax credit which has not been utilised, this registered person can claim a refund of the excess GST
    by filing an application under Section 54 of the CGST Act, 2017, online.
    Also, the applicant must file the GST refund claim within 2 years from the invoice or relevant date. If the claim is in order, the refund will be sanctioned within 60 days of the receipt of the claim. Also, please note that the interest on the withheld refund shall be applied at the rate of 6%.

    See less
    • 0
  8. The full form of ITC is Input Tax Credit. It is usually referred to in the context of the Input tax credit paid towards the Goods and Services Tax in India.

    The full form of ITC is Input Tax Credit. It is usually referred to in the context of the Input tax credit paid towards the Goods and Services Tax in India.

    See less
    • 0
  9. Simply put, a tax credit is the extra or excess tax paid while paying so and thus, is stored as credit with the entity that it was paid to. Mostly it may be the Governmnet or the vendor you purchase goods or services from. Tax credit also implies that later, one can claim a refund of this excess amoRead more

    Simply put, a tax credit is the extra or excess tax paid while paying so and thus, is stored as credit with the entity that it was paid to. Mostly it may be the Governmnet or the vendor you purchase goods or services from. Tax credit also implies that later, one can claim a refund of this excess amount or get it adjusted towards the due payment of taxes that may arise for further purchases or charges.

    See less
    • 0
  10. VAT that is the additional tax on the price when you purchase goods or services that are liable for VAT. If a buyer is VAT registered, and the costs therefore support an activity that is liable to be collected VAT on, then they can deduct the amount of paid VAT from their settlement with the relevanRead more

    VAT that is the additional tax on the price when you purchase goods or services that are liable for VAT. If a buyer is VAT registered, and the costs therefore support an activity that is liable to be collected VAT on, then they can deduct the amount of paid VAT from their settlement with the relevant tax authorities.

    To calculate the amount before additional of VAT from a price inclusive of VAT, a divisor is used. This divisor comes from the relevant or applicable rate of VAT. Lets say 14%. So if our VAT-inclusive price is 114, we take this amount and divide it by 1.14 to get our price before the VAT of 100.

    See less
    • 0
  11. ITC is important because it adjusts your tax liability at the time of paying tax on output, based on your payment of input tax. At the time of paying tax on output, you can reduce or adjust it with the tax that you may have already paid while paying for the input supplies and therefore, you can payRead more

    ITC is important because it adjusts your tax liability at the time of paying tax on output, based on your payment of input tax. At the time of paying tax on output, you can reduce or adjust it with the tax that you may have already paid while paying for the input supplies and therefore, you can pay the balance amount. This mechanism is maintained in terms of Input Tax Credit. Hence it is very important to have the ITC so that excess or credit payments are adjusted and accounted for. For instance, a tax payable on output or the final product is Rs 500 whereas the tax paid on input supplies or purchases is Rs 400. Here, You can claim an input credit of Rs 400 and you only need to deposit Rs 100 for taxes.

    See less
    • 0
  12. No. An Input GST credit is the amount of GST paid while purchasing goods for the purpose of production of output. However, an Electricity bill (that includes electricity tax) is not a tax payment towards the purchase of any input goods therefore, it can not be a GST payment. Hence, electricity tax iRead more

    No. An Input GST credit is the amount of GST paid while purchasing goods for the purpose of production of output.
    However, an Electricity bill (that includes electricity tax) is not a tax payment towards the purchase of any input goods therefore, it can not be a GST payment. Hence, electricity tax is not taken as an input GST credit, but rather it is to be taken on the profit and loss account as an expenditure.

    See less
    • 0
  13. Adjustment of ITC, or Input Tax Credit, means that at the time of paying a tax on the output or sale of your supplies, you can reduce from it the tax that you have already paid while paying the input tax for these supplies or raw materials and pay the balance amount only. This mechanism is called utRead more

    Adjustment of ITC, or Input Tax Credit, means that at the time of paying a tax on the output or sale of your supplies, you can reduce from it the tax that you have already paid while paying the input tax for these supplies or raw materials and pay the balance amount only. This mechanism is called utilization of the ITC or the input tax credit.

    See less
    • 0
  14. An Input tax is a tax that you would pay or have to pay upon your purchase of materials or services towards the input for the production of such goods or services that you sell as output. Whereas Output tax is a tax that you would be charging to the customers who buy the output of your production orRead more

    An Input tax is a tax that you would pay or have to pay upon your purchase of materials or services towards the input for the production of such goods or services that you sell as output. Whereas Output tax is a tax that you would be charging to the customers who buy the output of your production or sale.

    Input tax is usually paid to the vendors you buy the input materials from, or directly to the Government. Whereas, the Output tax is usually charged to the customers and thus paid to Government.

    See less
    • 0
  15. Let’s suppose a manufacturer, Mr. A, sells goods to a buyer, Mr. B. Now Mr. B will be eligible to claim the credit, through his invoices. The working mechanism of Input Tax Credit is explained as follows: Mr. A will upload his tax invoices details as issued in GSTR-1. These details uploaded by Mr. ARead more

    Let’s suppose a manufacturer, Mr. A, sells goods to a buyer, Mr. B. Now Mr. B will be eligible to claim the credit, through his invoices.
    The working mechanism of Input Tax Credit is explained as follows:
    Mr. A will upload his tax invoices details as issued in GSTR-1.
    These details uploaded by Mr. A will be automatically reflected in GSTR-2A, and the same details of this purchase will get reflected when Mr. B files his GSTR-2 returns.
    The details of the sale will then be accepted by Mr. B, and therefore, the purchase tax will be credited to Mr. B’s e-credit
    Mr. B can use this to adjust it later for future output tax liability or to receive a refund as well.

    See less
    • 0