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Input Tax Credit under the GST Law

Goods and Services Tax - GST - By: - Sanjeev Singhal - Dated:- 26-10-2016 Last Replied Date:- 30-12-1899 - Input Tax Credit under GST Law Before understanding the Input tax credit under GST Law it is essential to understand the changes made in earlier Law i.e. CENVAT under Rule , 2004 to the new law. After giving the due consideration, it is clear from the given table below that except few minor changes, Capital Goods under Rule 2(a) and Section 2(20) are same. As per Section 2(20) of GST Law As .....

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ttings thereof; (vii) storage tank; and (viii) motor vehicles other than those falling under tariff headings 8702, 8703, 8704, 8711 and their chassis but including dumpers and tippers used- (1) at the place of business for supply of goods; or (2) outside the place of business for generation of electricity for captive use at the place of business; or (3) for supply of services, (B) motor vehicle designed for transportation of goods including their chassis registered in the name of the supplier of .....

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pares and accessories of motor vehicles which are capital goods for the taxable person. capital goods means:- definition of capital goods is amended by notification no. 28/2012 dated 20.6.2012. (A) the following goods, namely:- (i) all goods falling under Chapter 82, Chapter 84, Chapter 85, Chapter 90, heading no. 6805, grinding wheels and the like, and parts thereof falling under heading 6804 of the First Schedule to the Excise Tariff Act; (ii) pollution control equipment; (iii) components, spa .....

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iance used in an office; or (1A) outside the factory of the manufacturer of the Final products for generation of electricity for captive use within the factory; or (2) for providing output service; (B) motor vehicle designed for transportation of goods including their chassis registered in the name of the service provider, when used for- (i) providing an output service of renting of such motor vehicle; or (ii) transportation of inputs and capital goods used for providing an output service; or (i .....

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rlier law and new law it is very clear that both the definition at the most are same except few words here and there but it is copy of definition of Rule 2(a) of CCR,2004. Capital Good covered in Clause (A)(i) Chapter 82 : tools hand tools Knives etc Chapter 84 : machinery Chapter 85 : Electrical Machinery Chapter 90 : Measuring, Checking and testing machine Sub heading 6804 : Grinding wheel and the like and parts thereof Sub heading 6805 : Abrasive powder or grain on base of textile material, o .....

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is enlarged to include motor vehicle other than used for transportation of passengers and goods like cranes, forklift, tractor and all other vehicle primarily used for business or commerce for all kind of service providers. What does not cover under the definition of motors vehicle provided under section 2(28) of the Motor Vehicle Act,1988. Vehicle running on fixed rails like railways, tram, trolleys etc. Vehicle of special type which is used in factory like cranes and forklifts. Vehicles less .....

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les made there under, used or intended to be used by a supplier for making an outward supply in the course or furtherance of business; Sec.2 (55) input service means any service, subject to exceptions as may be provided under this Act or the rules made there under, used or intended to be used by a supplier for making an outward supply in the course or furtherance of business; Yes, there are drastic changes in the definition of input and Input Services under GST law than the earlier law. Now, we .....

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/s 8 to normal RTP u/s 7 shall be entitle to get the input tax credit on the stock held in stock and input contained in semi finishedand finished stock proceeding the date on which he becomes liable to pay tax . RTP shall not be entitled to get credit as mentioned above in case tax invoiceis older than 1 year from the date of invoice. Where the goods or services used partly for business and partly for personal purpose , credit of input tax shall be available only for goods and services used for .....

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the following situation ITC shall not allowed [ Sub Section -9] Motor vehicle except when they are used for the following purpose > transportation of passenger > transportation of goods > imparting training on motor driving skill Goods and services provided for food and beverage , outdoor catering , beauty treatment, health services, cosmetic and plastic surgery, membership of club , health and fitness centre , life insurance , health insurance, travel benefit extended to employees on v .....

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l not be allowed. RTP shall not allowed input tax credit in the absence of the following situation possession of tax invoice, debit notes , supplementary invoice or such other document as may be prescribed. Received the goods and services Tax charged for supplies has been actually deposited with Government in cash or utilisation of admissible input tax credit Has furnished the return as prescribed in the act. Where RTP switches to composition scheme u/s 8 , ITC availed by him shall be paid in ca .....

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rn u/s 27 for the month of September following the end ofFinancial year or filing the Annual Return , whichever is earlier. Where credit is taken wrongly shall be recovered as prescribed. Input Tax Credit in case of Input sent for job work [ Section- 16A] Principal as referred in Sec. 43A , shall take the credit of input sent for job work provided the input after job work has been received back within 180 days from the date of sent out. ITC can be claimed even if the goods directly sent to job w .....

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CGST as IGST and IGST as IGST by issuing documents containing the amount ofITC where the ISD and Recipient is located in different states. ISD can distribute the ITC as prescribed, credit of SGST as IGST by issuing documents containing the amount ofITCwhere the ISD and Recipient is located in different states. ISD can distribute the ITC as prescribed, credit of CGST and IGST as CGST by issuing documents containing the amount ofITCwhere the ISD and Recipient is located in same states. ISD can di .....

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