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Conditions for taking Input Tax Credit (ITC) - GST - Input Tax Credit (ITC) - GST

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..... ate supply The protocol to avail and utilise the credit of these taxes is as follows: Credit of CGST cannot be used for payment of SGST/UTGST and credit of SGST/UTGST cannot be utilised for payment of CGST. It may be mentioned that only after the credit of IGST has been fully utilised the credit of CGST or SGST/UTGST, lying in balance in Electronic Credit Ledger, can be utilized in any order. Some of the technical aspects of the scheme of Input Tax Credit are as under: Credit of To be utilised first for payment of May be utilised further for payment of CGST CGST IGST SGST/UTGST SGST/UTGST IGST IGST IGST CGST, SGST/UTGST( in any order ) Any registered person can avail credit of tax paid on the inward supply of goods or services or both which .....

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Conditions for taking Input Tax Credit (ITC) - GST - Input Tax Credit (ITC) - GST

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..... plier in the statement of outward supplies [in GSTR-1] and such details have been communicated to the recipient of such invoice or debit note in the manner specified under section 37 of CGST Act [in GSTR-2B]; (c) he has received the goods or services or both , it shall be deemed that the registered person has received the goods or, as the case may be, services- where the goods are delivered by the supplier to a recipient or any other person on the direction of such registered person, whether acting as an agent or otherwise, before or during movement of goods, either by way of transfer of documents of title to goods or otherwise; where the services are provided by the supplier to any person on the direction of and on account of such register .....

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Conditions for taking Input Tax Credit (ITC) - GST - Input Tax Credit (ITC) - GST

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..... nt and machinery under the provisions of the Income tax Act, 1961 (43 of 1961), the input tax credit on the said tax component shall not be allowed. Input Tax Credit cannot be taken after November of subsequent financial year A registered person shall not be entitled to take input tax credit in respect of any invoice or debit note for supply of goods or services or both after the 30th of November, following the end of financial year to which such invoice or debit note pertains, or furnishing of the relevant annual return whichever is earlier. Extension of time limit of availing ITC for the financial year 2017-18 The registered person shall be entitled to take input tax credit after the due date of furnishing of the return under section 39 f .....

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Conditions for taking Input Tax Credit (ITC) - GST - Input Tax Credit (ITC) - GST

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