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Sumit Upadhyay
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  1. 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.

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Sumit Upadhyay
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  1. 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.

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Sumit Upadhyay
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  1. 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.

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Sumit Upadhyay
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  1. 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

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Sumit Upadhyay
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  1. 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%.

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Sumit Upadhyay
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  1. 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.

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