cenvat credit notes


Impact of GST on Airfares

Under the GST regime the applicable tax rate on passenger tickets for economy class has been reduced from 6 to 5 non creditable for goods The tax rate for business and first class has been increased from 9 to 12 with input tax creditable for both goods and services procured by airlines With regard t

Impact of GST on Civil Aviation Sector

Under the GST regime the applicable tax rate on economy class passenger tickets has been reduced from 6 to 5 non creditable for goods while the tax rate on business class has been increased from 9 to 12 with input tax creditable for both goods and services procured by airlines Petroleum products inc

NRI to submit foreign bank details only in refund cases

Optional reporting of details of one foreign bank account by the non residents in refund cases Refund generated on processing of return of income is currently credited directly to the bank accounts of the tax payers Availability of the detail of bank accounts in which the refund is to be credited is

Carry Forward of unavailed Cenvat Credit for natural resources

Carry Forward of unavailed Cenvat Credit in respect of assignment of right to use any natural resource under GST Cenvat Credit Rules amended so as to provide that Cenvat credit in respect of such services which remains unavailed on the day immediately preceding the appointed day may be availed of in

Declaration of GSTIN in Custom documents mandatory from 1st July

Declaration of valid GSTIN in Customs documents BE SB would be mandatory w e f 0000 hrs of01 07 2017 the likely implementation date of GST to avail IGST credit on Imports or GST refund on exports The declared GSTIN would be validated for correct IEC PAN linkage Accordingly during GSTIN registration

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Experts Opinions

Cenvat credit

Whether cenvat credit of balance 50 on capital goods will be available under gst In same year

Input tax credit on tally software purchase


Input credit

Gujarat VAT if dealer by mistake not talking input credit on the purchase in the month of purchase then he can take credit on the same up to 1 year from the purchase or not Dealer is Petrol pump

input tax credit of service tax in gst

hello sir ma am i have a query regarding Input Tax credit of Service tax under RCM which i paid in April to June return can i take a credit of that rcm liability of Service Tax under GST return which i paid in April to June return

Input credit in gst

Dear Sir I am woking a Private company in west bengal my company purchased from vendor in Silvassa Dadra Nagar Havely vender not charged CST in his invoice but we charged vat to our customer against this purchase of materail can we take input tax credit in gst for goods purchase from silvassa vendor


input tax credits of gst

I have filled gstr3b before 20th in that few of the input tax credits was not taken by me Now can I avail the credit in gstr 2 for input tax credit

igst input credit

from when igst input get credited

reverse tax credit

Plz help me with a doubt Whether we can take input tax credit of the tax paid on reverse charge of service received in july in july itself reverse tax is paid till 20th aug or we have to take its credit in august

Job work tax credit

how to adjust Gst on job work and whats the rate of adjustment

Gst on rental deposit later credited to pl account

I would like to know wheter GST is leviable on the the Rental deposit received from the tenant which was credited to Profit and loss account as it was not refunded at the time of vacating the tenancy by the tenant Please clarify with relevant provisions under GST And also requires tax treatment unde

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  • Updated Details Collection Excel for GST Return GSTR-3B

    As everybody is aware the GST Returns for every month needs to be filed by 20th of subsequent month As the regular outward and inward annexures and return GSTR 3 are not yet made available for the months of July and August 2017 a summary return in Form GSTR 3B needs to be filed before 20th of next month An excel sheet for obtaining the details required to fill the GSTR 3B is prepared as the GSTR 3B needs to be prepared and submitted online only as offline utility is not provided yet Basic features of the excel sheet are as follows 1 The details need to be entered in the yellow colored cells only 2 If any incorrect information is entered in the cell the contents of the cells appears in red color Please correct the same to get proper working 3 While entering the details of outward supplies and inward supplies in Table 3 1 select the proper nature of supplies from the drop down wherever it is provided 4 The Integrated Tax Central Tax and State UT Tax is calculated automatically depending on the figures entered under Inter State or Intra State columns and the Rate selected from drop down 5 Cess needs to be entered manually 6 Table 3 2 contains details of state wise inter state supplies to unregistered dealers composition dealers and UIN holders Select the Nature of inter state supplies and state from drop down 7 In Table 3 2 Total taxable value and integrated tax should be less than the taxable inter state supplies and integrated tax shown in Table 3 1 above 8 Details of ITC available ITC reversed and Ineligible ITC needs to be given in Table 4 The description mentioned in yellow cells is given for reference only and can be changed as appropriate in respective case 9 Tax payable in Table 6 1 is auto calculated and arrived by adding the tax payable as per Table 3 1 and deducting the net ITC available and adding ineligible ITC as shown in Table 4 10 The Tax payable figures in Table 6 1 appears in red color if there is net tax payable after adjusting payment through ITC TDS TCS and payment in cash 11 Similarly The Tax payable figures in Table 6 1 appears in red color if interest and late fee payable is greater than the tax paid in cash as the same needs to be paid by cash and can not be paid through ITC 12 The TDS and TCS credit is not applicable at present as the said provisions are not made applicable presently till further instructions

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Transitional Credit in GSTR-3B: Confusion worse confounded by Tweets

One question every tax payer is asking is how do I take transitional input credit before filing GSTR 3B for the month of July 2017 There have been media articles describing this worry by businesses No wonder taxpayers have been tweeting to the Government as well for an answer There have been a spate

Stock in hand under GST - Treatment of Cenvat Credit and VAT Credit

Stock in hand under GST Transitional Provisions related to Stock in hand under GST While understanding the transitional provisions under GST a repeated and imminent query which we are faced with is the treatment of CENVAT and VAT Credit in respect of stock held on 30th June 2017 which will be sold p

Understand GST Impact on Credit Cards

Much before the implementation of GST the news headlines of credit card bills going higher were making the rounds Surely it must have made many credit card shoppers worried The Goods and Services Tax GST Council has set four different rates of 5 12 18 and 28 which are now levied on several goods and

GST - Input Tax credit

Mr A Good Day Sir how are you CA Hi Mr A I am doing fine how about you Mr A I am doing fine sir Under transition I understand now that how can I carry forward my input tax credit but if under GST regime I am a small trader and after sometime I need to register under GST then how can I take my input

How to avail Input Tax Credit in GST

Arjuna Fictional Character Krishna What are the provisions of ITC for taxpayer in GST Krishna Fictional Character Arjuna There are different provisions for ITC in Excise and VAT laws In GST the provisions of ITC are given Some provisions of excise service tax and VAT are merged while preparing provi

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Updated on : 8/13/2017 3:32:13 AM


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