Clarification in respect of utilization of input tax credit under GST.

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..... llip;……………………………………. Subject: Clarification in respect of utilization of input tax credit under GST. Section 49 was amended and Section 49A and Section 49B were inserted vide Rajasthan Goods and Services Tax (Amendment) Act, 2018 [hereinafter referred to as the RGST (Amendment) Act]. The amended pro .....

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..... the powers under Section 49B of the RGST Act vide Finance Department's notification No. F.12(56)FD/Tax/2017-pt-IV-176, dated 29th March, 2019. In order to ensure uniformity in the implementation of the provisions of the law, in exercise of its powers conferred by section 168 of the RGST Act, following clarifications are issued: 1. The newly inserted Section 49A of the RGST Act provides that .....

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..... ent of Central tax and State tax, or as the case may be, Union territory tax, in any order subject to the condition that the entire input tax credit on account of Integrated tax is completely exhausted first before the input tax credit on account of Central tax or State / Union territory tax can be utilized, It is clarified that after the insertion of the said rule, the order of utilization of inp .....

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..... tax 300 200 State tax / Union Territory tax 300 200 Total 1600 1700 Option 1 : Input tax Credit on account of Discharge of output liability on account of Integrated tax Discharge of output liability on account of Central tax Discharge of output liability on account of State tax/Union Territory tax Balance of Input Tax Credit Integrated tax 1000 200 100 0 Input tax Credit .....

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..... rovisions of the RGST (Amendment) Act i.e. pre-insertion of Section 49A and Section 49B of the RGST Act. Therefore, till the new order of utilization as per newly inserted Rule 88A of the RGST Rules is implemented on the common portal, taxpayers may continue to utilize their input tax credit as per the functionality available on the common portal. (Dr. Preetam B. Yashvant) Commissioner State .....

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