cenvat credit notes

News

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

Increased availability of credit in GST to reduce cost of Telcos


After GST regime telecom companies would be required to re work their costing and credits availability and re jig their prices and ensure that the increased availability of credit is passed on to the customers by lowering their costs Telecommunication services presently attract Service Tax of 14 alo

Lower tax incidence on entertainment under GST


Lower Tax Incidence on Entertainment Services under Goods and Services GST Tax Service providers shall be eligible for full Input Tax Credits ITC of GST paid in respect of inputs and input services Taxes on entertainments and amusements covered by the erstwhile entry 62 of State List of the Constitu

GST Act, Rules and Analysis


GST Act CGST Act IGST Act UTGST Act GST Compensation to the States Act NewGST Rules Composition Rules Valuation Rules Transition Rules Input Tax Credit Rules Revised Invoice Rules Revised Payment Rules Revised Refund Rules Revised Registration Rules Revised Return Rules Draft GST Rules Accounts and

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Experts Opinions

Input tax credit on capital goods


KIND ATTN SIR THE ASSESSEE BEING A GARMENT MANUFACTURER YET TO BE REGISTERED UNDER TNVAT ACT SINCE IN THE GST TRANSITION PERIOD PURCHASED SEWING MACHINES DURING JUNE 2017 CAPITAL GOODS WITH VAT INPUT TAX 5 WITHOUT TIN KINDLY CLARIFY WHETHER INPUT TAX ON CAPITAL GOODS ON MACHINERY PURCHASED CAN BE CA

INPUT CREDIT


a trader have no excise no but he purchased excise goods and issue bill but new in new gst act excise amonts of purchased goods can be taken as input credit turnover is 35 lack have a tin no

Clsoing balance of cenvat credit


Dear sir Reference to the above subject We are the manufacturer of Control and Relay Panel under Duty rate applying 12 5 Normally raw materials we are directly purchasing from manufacturer hence every month CENVAT Credit availed more Closing balance of CENVAT Credit we are forwarding to Next Month H

Credit of cst paid on purchases


Dear Sir We purchased material on 15 06 2017 from out of state on which CST Tax collected by the supplier Shall we eligible to claim this CST tax under GST

Regarding input tax credit


please tell me if we purchase within state but sell to our distributors in other state and the distributors sell the goods within state then what position will arise about input tax credit of our CGST SGST

Discussion

CENVAT

Can anyone explain me what is CENVAT Can CENVAT adjust with gst

credit of CST

Credit of CST available in GST as CGST

ITC credits

Sir We producing exempted goods viz Mushrooms Agricultural product We have vat registration and availing vat credits on inputs like packing material and other raw material In GST whether we can avail ITC credit on the inputs Awaiting for your reply please

Whether to capitalized or not ? and sevice tax included in invoice from repairer elligible for credit ?

Dear All We have received an invoice of Rs 15 81 250 i e 13 75 000 15 service Tax towards Plaster work Flooring Work Colour Work Earth work RCC Work Fixing Of Bolts Plumbing Work Drain work done by repairer in factory building My Question Is 1 Whether Expenditure is to be capitalized or Not 2 Wheth

Input credit

Hi have lot credit in gst at the time rcm payment adjustable possible

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File Download

  • GST Invoice Rules

    GST RULES FOR TAX INVOICE CREDIT AND DEBIT NOTES
  • GST Input Tax Credit Rules

    1 Documentary requirements and conditions for claiming input tax credit 2 Reversal of input tax credit in case of non payment of consideration 3 Procedure for distribution of input tax credit by Input Service Distributor 4 Manner of determination of input tax credit in respect of capital goods and reversal thereof in certain cases 5 Conditions and restrictions in respect of inputs and capital goods sent to the job worker
  • GST Invoice Format

    Sample as per GST Rule For Tax Invoice Bill of Supply Receipt Voucher Refund Voucher Payment Voucher Debit Note and Credit Note
  • GST: What to do by 30th June, 2017

    Millions of traders migrating to GST from current tax regime like excise service tax and VAT are currently undergoing stress The biggest concern is the old goods lying in the store and warehouse on which the input tax of the taxes paid is to be taken in the new tax regime Create a separate file of unsold stock till June 30 and keep the purchase bill bill of entry and excise paid documents ready If any of these stock is one year old then remove it and sell it to the tax invoice within the state even if you have to pay a little bit of discount Keep your stock in different categories The goods purchased in the locality will get input credit in SGST To get the credit of CGST make separate list of duty paid and non duty paid stock If there is any kind of mismatch in your Purchase report fix it before June 30 and revise VAT returns Also make sure that the statutory forms like C Form H form I Form have been collected
  • GST Invoices & Vouchers Formats in Excel

    To watch understand in details watch through below mentioned links https youtu be fEwTVxpveLY https youtu be 05znTyWquZw https youtu be 442bvyCFcY https youtu be g3vEiwjIL Y https www youtube com playlist list PLtTiiMHFoGlWKr5kDr9o8a mjK2weiNPm GST Tax INVOICE DEBIT NOTE CREDIT NOTE Bill of SUPPLY REFUND VOUCHER RECEIPT VOUCHER PAYMENT VOUCHER REVISED TAX INVOICE

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Articles

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


How and when to issue Debit Note and Credit Note under GST


How and when to issue Debit Note and Credit Note under GST in 10 simple points 1 Taxpayer cannot make changes in tax invoice after it uploads on GSTN If any changes are required to be done then they will be made through debit and credit note 2 Where a tax invoice has been issued for supply of any go


Draft Rule for issue of Credit Transfer under closing stock


Draft Rule for issue of Credit Transfer Document CENVAT Credit Rules 2004 Hi Everyone As GST Appointed Date is coming Closer So its Important to have a complete knowledge about how can we minimise Transitional Loss in terms of Input Credit on Closing Stock Section 140 of CGST Act covers detailed pro


Purpose and Importance of Credit note and Debit note in GST


A Credit Note 1 Purpose of Credit note Section 34 The credit note will be issued by the registered person i e Supplier to the recipient for the following purposes a Where a tax invoice has been issued for supply of any goods or services or both and the taxable value in that tax invoice is found to e


Allowable credit on stock held on appointed day for Unregistered person


Allowable credit of central duties or First stage VAT on stock held on appointed day for Traders Unregistered person in 10 simple points 1 Following persons are entitled to take CGST credit in Electronic credit ledger A Not liable to register under earlier law B Was engaged in manufacturing exempted


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Updated on : 6/24/2017 9:22:23 PM


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