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Input Tax Credit under GST

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.

Input Tax Credit Under GST – Applicable Rules

The concept of Input tax credit (ITC) was introduced to avoid the cascading effect of indirect taxes. The ITC related provisions are stated in Section 16 of the CGST Act, 2017 and Rule 36 of the CGST Rules, 2017. You can refer to this  article for the basic details. In this article, we have summarised … Read moreInput Tax Credit Under GST – Applicable Rules

Can ITC Be Claimed By The Purchaser If Seller Has Not Paid The Tax Due To The Government?

Claiming the right amount of Input Tax as credit is an essential aspect of the Goods and Service Tax regime. In simple words, Input Tax Credit (ITC) reduces the tax paid on inputs from the tax to be paid on output. Section 16 of the CGST Act, 2017 expressly lists the various conditions applicable for … Read moreCan ITC Be Claimed By The Purchaser If Seller Has Not Paid The Tax Due To The Government?

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 by filing Form GST ITC-02. In this article, we will discuss Form GST ITC-02 in detail: This article discusses the following in detail: What Is Form GST ITC-02? What Are The … Read moreForm GST ITC – 02

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

Before knowing how to calculate Input Tax Credit (ITC) under GST it is important for us to know what is the meaning of ITC. The meaning of ITC can be effortlessly comprehended when we take the words ‘input’ and ‘tax credit’ into consideration. Inputs are materials or services that a manufacturer purchases or render to … Read moreHow to Calculate Input Tax Credit (ITC) under GST?

Input Tax Credit (ITC) on Employee Expenses

History Every registered taxpayer under GST who continues any business at wherever in India/State can avail Input tax credit (ITC). Moreover, the ITC amount allowable to him will be credited to his e-credit ledger. The ITC is permissible to the degree utilized in the course of business to the amount of supply. The credit is … Read moreInput Tax Credit (ITC) on Employee Expenses

Matching, Reversal and Reclaim of Input Tax Credit (ITC)

Matching, reversal, and reclaim of Input Tax Credit (ITC) are important for taxpayers because it helps in claiming the accurate amount of ITC without any discrepancy. One can be considered as completely compliant to GST if their ITC claims are in place. The following topics have been discussed in this article: ITC Mismatch for Issue … Read moreMatching, Reversal and Reclaim of Input Tax Credit (ITC)