Post by: Renu Suresh in GST
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…
Post by: poonamgandhi in GST GST in India Legal News
Proposed GST Amendments – Union Budget 2022-2023 The Finance Minister, Smt. Nirmala Seetharaman presented the second digital union budget 2022-2023 on 1st February 2022. Accordingly, clauses 99 to 123 covered the proposed GST amendments. It is important to note that…
34th GST Council Meeting 34th GST Council meeting was held on 19th March 2019 and decision with regard to the implementation of lower GST rate on real estate has been taken. Let us first recall that in the 33rd GST Council Meeting, it was recommended…
Post by: Sreeram Viswanath in GST
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.…
Post by: IndiaFilings in GST
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…
Post by: IndiaFilings in GST
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…
Post by: IndiaFilings in GST
GST Registration for Importers GST registration is mandatory for taxable persons under GST. In most states, businesses having an annual aggregate turnover of more than Rs.40 lakh (In some states, Rs.20 lakh) should mandatorily obtain GST registration. In addition to…
Post by: IndiaFilings in Import - Export
Input Tax Credit for Imports Under the GST regime, the input tax credit is provided for the IGST and GST Compensation Cess paid during the import of goods into India. From 1st July 2017, after the implementation of GST, all…
Post by: IndiaFilings in GST
Matching Input Tax Credit under GST GST is an indirect tax that is levied on the consumption of goods and services in India. Since GST is levied in every stage of value addition, an input tax credit mechanism is used…
Post by: IndiaFilings in GST
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…