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eligibility of Input tax credit, Goods and Services Tax - GST |
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eligibility of Input tax credit |
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Dear sir, A taxable person is taking credit of input tax and making offset with out put tax and balance tax is paying. He is also having commercial rental income and making the set off with regular input tax is it correct? or the out put tax on commercial rent to be paid in cash only? please clarify with supporting section or ruling etc. Thanks in advance Posts / Replies Showing Replies 1 to 3 of 3 Records Page: 1
In GST, the credit is eligible if the inputs are used in course or furtherance of the business. In my view, you can offset the regular input tax against the tax payable on rental income.
In our view, you can adjust ITC for paying of output liability.
I support the views of both experts. There is no one to one correlation in ITC under GST. Page: 1 Old Query - New Comments are closed. |
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