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GST - Highlights / Catch Notes

Home Highlights September 2018 Year 2018 This

Input tax credit (ITC) - Section 16 of the CGST ACT, 2017 as ...

GST

September 3, 2018

Input tax credit (ITC) - Section 16 of the CGST ACT, 2017 as amended - “bill-to-ship-to” situations - the registered person is deemed to have received the goods where the goods are delivered by the supplier to a recipient or any other person on the direction of the said registered person - It is now proposed to provide this deeming fiction in case of services as well which will be taxpayer-friendly.

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  1. Input Tax Credit - A person, registered in WB, cannot claim ITC for CGST & SGST of other states - He cannot adjust the ITC of one state’s CGST for payment of another state’s CGST.

  2. Eligibility and conditions for taking input tax credit. - Section 16 of the CENTRAL GOODS AND SERVICES TAX ACT, 2017 as amended

  3. Availment of input tax credit - Where tax is not paid by the supplier, ITC shall be reversed with applicable interest liability - Section 41 of CGST Act, 2017 Amended

  4. Input ax credit - ITC will be available for GST paid on purchase of new ready to use furnitures in accordance with Section 16 of CGST/RGST Act, 2017.

  5. Omitted - Procedure for furnishing return and availing input tax credit - Section 43A of CGST Act, 2017 omitted as scheme of availing ITC amended and this section never...

  6. Omitted - Matching, reversal and reclaim of input tax credit - Section 42 of CGST Act, 2017 omitted as scheme of availing ITC amended

  7. Requirement for registration - inter-state sales or not - Section 20 of the IGST Act, 2017 read with section 16 of the CGST Act, 2017 provides that IGST paid on import...

  8. Interest on delayed payment of tax. - Interest on ITC wrongly availed and utilized - Section 50 of CGST Act, 2017 amended

  9. Omitted - Matching, reversal and reclaim of reduction in output tax liability. - Section 43 of CGST Act, 2017 omitted as scheme of availing ITC amended

  10. Input Tax Credit (ITC) - Condition of actual payment within stipulated time period - Section 16(4) of CGST Act, 2017 - net off of receivables of one GSTIN by another...

 

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