We know that to know all about ITC is quite impossible. So, we have gathered all the basic input tax credit FAQs in this article for your convenience.
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?
Any person who is managing and operating an e-commerce platform is required to collect taxes at the time of any taxable supply that is taking place through his online platform as per the section 52 of CGST Act 2017. The tax collected through this e-com operator is known TCS (Tax Collected at Source). In this … Read moreEverything you should know about TCS and GSTR-8
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) 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 … Read moreMatching, Reversal and Reclaim of Input Tax Credit (ITC)
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
Diwali the most widely celebrated festival in India is approaching within next five days and now us is the time to distribute Diwali gifts but this time the major tax reform i.e. the implementation of the GST has put the businesses in face to face questions like “Whether the input tax credit would be available … Read moreIs ITC Available on Diwali Gifts?
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