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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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