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…
The Indian economy in the last three months [since the launch of GST from 1st July’17] has seen the most revolutionary and mammoth taxation migration exercise since independence, leading to several challenges, confusions and erroneous actions and decisions – all for the good though and with seemingly fair intentions. The old habits of tax evasion,…
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.
