9911796707
TMI BlogConditions for taking Input Tax Credit (ITC) [Section 16(2) of CGST Act]X X X X Extracts X X X X X X X X Extracts X X X X ..... iming input tax credit Rule 36(1) - Eligible document for ITC * a tax invoice issued by the supplier of goods & services or both, as per section 31 CGST Act * an invoice issued to payment of tax under reverse charge basis, as per section 31(3)(f) of CGST Act * debit note issued by a supplier registered as per section 34 of CGST Act , or * a bill of entry or similar document prescribed under Customs Act or Rules for assessment of IGST * an invoice or credit note issued by a input services distributor as per rule 54(1) of CGST Rules 2017 Rule 36(2) - Requirement of all particular for ITC * Input tax credit shall be availed by a registered person only if all the applicable particulars as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in FORM GSTR-2B under rule 60(7) of CGST Rules. Important Clarification Regarding Rule 36(4) of CGST Rules * Clarification to deal with difference in Input Tax Credit (ITC) availed in FORM GSTR-3B as compared to that detailed in FORM GSTR-2A for FY 2017-18 and 2018-19. [ Circular No. 183/15/2022-GST Dated 27th December, 2022 ] * Clarification to deal with difference in Input Tax Credit (ITC) availed in FORM GSTR-3B as compared to that detailed in FORM GSTR-2A for the period 01.04.2019 to 31.12.2021. [ Circular No. 193/05/2023-GST Dated 17th July 2023 ] * It is clarified that consequent to insertion of clause (aa) to section 16(2) of the CGST Act and amendment of rule 36(4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the goods or, as the case may be, services (Bill to ship to model) -- * (i) 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; * (ii) where the services are provided by the supplier to any person on the direction of and on account of such registered person. Important Notification & Clarification * Clarification on availability of input tax credit as per section 16(2)(b) of the CGST Act, 2017 in respect of goods which have been delivered by the supplier at his place of business under Ex-Works Contract&nbs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... espect of the said supply communicated to such registered person under section 38 of CGST Act has not been restricted. Clause (c) * subject to the provisions of section 41 or section 43A[Omitted vide Finance Act, 2022 w.e.f. 01-10-2022], the tax charged in respect of such supply has been actually paid to the Government, either in cash or through utilisation of input tax credit admissible in respect of the said supply; and Clause (d) * He has furnished the return under section 39: * Where the goods against an invoice are received in lots or instalments, the registered person shall be entitled to take credit upon receipt of the last lot or instalment: * Where a recipient fails to pay to the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
