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Gst Input Tax Credit Related Articles

Aug - 2023
09
Input Tax Credit

Input Tax Credit

Input Tax Credit In India, the Goods and Services Tax (GST) applies not only to final products but also to the raw materials and services used by manufacturers and suppliers to create these products. Furthermore, when these finished goods are supplied to the consumer, they are again taxed under GST ...
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Sep - 2022
14
Guidelines for launching of prosecution under GST

Guidelines for launching of prosecution under GST

Guidelines for launching of prosecution under GST Provisions of section 132 of the Central Goods and Services Tax Act, 2017 empower the institution of criminal proceedings and prosecution. Importantly, the prosecution is the institution/ commencement of legal proceedings against the offender. T ...
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Jul - 2022
15
Fake invoice and departmental clarification thereof

Fake invoice and departmental clarification thereof

Fake invoice and departmental clarification thereof A ‘fake invoice’ is specifically not defined under the Goods and Services Tax (GST) law. However, as and when the registered person issues a tax invoice, under GST, without actual supply of goods or services or both. Then such issued tax invoice i ...
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May - 2022
26
New Provision Relating to Restricted Input Tax Credit

New Provision Relating to Restricted Input Tax Credit

New Provision Relating to Restricted Input Tax Credit Seamless flow of ‘Input Tax Credit’ is the main aim behind the implementation of Goods and Services Tax (GST). However, since its inception i.e. 1st July 2017, GST officials have come across various cases relating to fraudulent availment of the ...
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May - 2022
16
Mandatory Reconciliation of Form GSTR-3B and Form GSTR-2B

Mandatory Reconciliation of Form GSTR-3B and Form GSTR-2B

Mandatory Reconciliation of Form GSTR-3B and Form GSTR-2B Under GST, the introduction of both auto-generated statements in Form GSTR-2A and thereafter Form GSTR-2B created huge havoc with regard to which form to be considered as a base for availment of the input tax credit. However, with god’s g ...
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May - 2022
11
New input tax credit availment condition imposed vide Finance Act, 2022

New input tax credit availment condition imposed vide Finance Act, 2022

New input tax credit availment condition imposed vide Finance Act, 2022 The registered taxable person, in order to avail of the input tax credit, needs to satisfy several conditions as laid down under provisions of section 16(2) of the Central Goods and Services Tax Act, 2017. Recently, the Fina ...
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Dec - 2017
25
GST Input Tax Credit

GST Input Tax Credit

GST Input Tax Credit GST Input Tax Credit mechanism helps in avoiding double taxation and the cascading effect of taxes. The purpose of this article is to explore its applicability in the various facets of the Goods and Services Tax. Pre-Requisites to Claim Input Tax Credit A registered person mu ...
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Oct - 2017
04
GST Input Tax Credit FAQs

GST Input Tax Credit FAQs

GST Input Tax Credit FAQs IndiaFilings has helped thousands of business file their GST returns since the rollout of GST. In this article, we have compiled some of the FAQs we received from Entrepreneurs on GST input tax credit. Want to know more about GST input tax credit? Read the IndiaFilings Gui ...
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Sep - 2017
20
Transfer of GST Input Tax Credit

Transfer of GST Input Tax Credit

Transfer of GST Input Tax Credit Transfer of GST Input Tax Credit (ITC) shall apply to all the taxpayers registered under VAR, service tax or central excise to migrate to GST. The taxpayer can transfer the ITC from the Electronic Cash Ledger. In this article, we look at the process of transferring ...
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Jun - 2017
09
GST Input Tax Credit Scheme-For Existing Stock

GST Input Tax Credit Scheme-For Existing Stock

GST Input Tax Credit Scheme-For Existing Stock The Ministry of Finance (MoF) announced the GST input tax credit (ITC) scheme in the Transitional Provisions rules to provide GST Input Tax Credit for unregistered persons.  The scheme shall account the unaccounted goods or stock on hand during the GST ...
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