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Video on Input Tax Credit (Concept and Manner of taking Credit )

Goods and Services Tax - GST - By: - Puneet Agrawal - Dated:- 3-11-2016 Last Replied Date:- 4-11-2016 - Link to the video : https://www.youtube.com/watch?v=UnTX60ZfvnY GST 10 point series on Input tax credit - concept One of the major reason for introducing GST is making the credit mechanism seamless so that there is no cascading effect of taxes. In the Model GST law provisions relating to input tax credit are majorly covered in Section 16, 16A, 17, 18, 28, 29 and 35 of the CGST Act/ SGST Act. V .....

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inition of input tax credit there is no need for creating a relationship between the goods or services availed and the output of a taxable person the only requirement is that such goods should be used in the furtherance of business . The expression in the course or furtherance of business would cover all activities related to the functioning of a business. For example in relation to a manufacturer, business cannot be restricted only to the activity of manufacturing the final products; rather it .....

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sible to him. Thus registration is a pre-requisite for taking credit of input tax. The eligible input tax credit would be credited to the electronic credit ledger and it can be used for payment of taxes under the Act or Rules made thereunder. For newly registered person, ITC is allowed in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on the day preceding the date from which the person becomes liable to pay tax provided he applies for regist .....

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ke credit of input tax only if the following conditions are satisfied: he is in possession of a tax invoice, debit note, supplementary invoice or such other taxpaying document as prescribed, issued by registered supplier; he has received the goods or services; the tax charged in respect of such supply has been actually paid to the credit of the appropriate government; and he has furnished the return under section 27 Return furnished under section 27 by a registered taxable person without payment .....

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. to ensure availability of credit of tax paid in a easy and convenient manner to taxpayers. Where the goods against an invoice are received in lots or installments, the registered taxable person shall be entitled to the credit upon receipt of the last lot or installment. Where the registered taxable person has claimed depreciation on the tax component of the cost of capital goods under the provisions of the Income Tax Act 1961, the input tax credit shall not be allowed on the said tax component .....

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