Goods and Services Tax (GST) has made 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: What is Input Tax Credit? Conditions to Claim ITC Situations when ITC Cannot Be Claimed 1. What … Read moreConditions to Claim Input Tax Credit under GST
Under GST, ITC or Input Tax Credit on old stock can be claimed. But before knowing how it is important for us to know what ITC is? What is ITC? Input tax credit (ITC) is one of the key features of GST Goods and Services Tax. ITC under GST means reducing the burden of taxes by setting … Read moreClaiming ITC on Old Stock under GST
One of the primary reasons why GST has been hailed as a game changer in the face of Indian economy is the elimination of cascading effect of taxes allowing for a more seamless flow of credit. This is to take effect by making available Input Tax Credit (ITC) to the purchasing dealer in respect of … Read moreGoods and Services not eligible for ITC
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.