cenvat credit summary

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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

Payment of Wages by cheque or crediting to bank accounts


The present wage limit for applicability of the provisions of the Payment of Wages Act 1936 is Rs 18 000 per month The Act has been amended by Payment of Wages Amendment Act 2017 effective from 28 12 2016 to enable the employers to pay wages to their employees by a cash or b cheque or c crediting to

11 incentives given by Govt for promotion of digital and cashless economy


In the aftermath of the cancellation of the legal tender character of old Rs 500 and Rs 1 000 notes there has been a surge in the digital transactions through use of credit debit cards and mobile phone applications e wallets etc To further accelerate this process the Central Government has decided o

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Experts Opinions

Input tax credit


what will be the implication on input tax credit of excise charged by the vendor material of which is received in the factory after rollout of GST will we be entitled to take credit of the taxes which are recorded in the books after 30th June

Cenvat credit


IF SERVICE TAX PAID BY THE SERVICE RECEIVER FULLY THAN IS ANY PROBLEM OCCUR FOR SHOWING THE CHALAN TO AUTHORITY

Cenvat credit


1 IF SERVICE TAX ON WORKS CONTRACT IS PAID BY SERVICE RECEIVER FULLY THAN WHAT WILL BE THE CRITERIA FOR CENVAT CREDIT AND WHAT IS THE CRITERIA OF CENVAT CREDIT IF SERVICE TAX FULL PAID BY THE SERVICE PROVIDER 2 IF SERVICE TAX PAID BY THE PARTY AND FULLY COLLECTED WHAT WILL BE THE CRITERIA FOR CENVAT

Input tax credit and igst questions.


We are a manufacturer of wristwatches Some of our components will be imported and some will be sourced domestically My understanding is as follows 1 IGST will be applicable on import value on value of goods basic duty 2 S C GST will be charged to us when we source components from our vendors 3 We wi

input credit on closing stock in gst


If Any item was taxable under category of 14 5 tax amd now it is become taxable under 28 category Then if we sell Stock on 1 07 2017 from the stock which is accumulated before 30 6 17 thn what will be treatment of this difference of 13 5 in Taxation Because a wholesaler gets the input 14 5 and now h

Discussion

debit & credit notes

can somebody please guide as to how gst would work in debit and credit notes

Carry forward of input credit on closing stock to gst

Dear friends Please tell me if a trading concern can carry forward the amount of excise duty paid on inputs contained in the closing stock lying with the trader to the electronic credit ledger under GST under the migrational transitional provisions of GST law If yes what are the conditions to be fol

bank credit manager

my interview is for post of credit manager what can one ask in interview

Itc credit on excise paid

Dealing in agro chemicals business n there is no VAT IN haryana state on that GST FOR closing stock Itc credit for closing stock Invoice r received as excise paid at manufacturers level means the stock has already paid its cgst

Input tax credit

Under GST1 for production of tax free goods if consumed taxable goods than what will be the tax credit 2 If taxable goods purchase from URD and sale to RD and URD also in this circumstances liability for payment of GST on purchase will be purchaser and collection of GST also seller for register deal

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Articles

Insolvency & Bankruptcy Code, 2016: A new vista for beleaguered creditor?


Insolvency Bankruptcy Code of India 2016 IBC was enacted in May 2016 and was notified in 2016 In the last 5 months since its implementation there has been a steady progress both in terms of number of cases filed and those admitted The largest share of these cases is of those filed by operational cre


Traders' Eligibility To Claim Credits On Unsold Stock


The purpose of this article is to discuss the availability of input tax credit ITC to traders with respect to unsold stock as on the appointed date The article covers the scenario where credit on the unsold stock was restricted under the current tax regime e g credit of Central Excise or Countervail


Eligibility and conditions for taking input tax credit


Section 16 Eligibility and conditions for taking input tax credit The new provision reads as follows 1 Every registered taxable person shall subject to such conditions and restrictions as may be prescribed and within the time and manner specified in section 44 be entitled to take credit of input tax


Reversal of credit on exempted services before 30th June


Mechanism of availing Cenvat credit in case of manufacturers or service providers having both taxable and non taxable activities has been subject to litigation Lot of developments have happened in Rule 6 of Cenvat credit Rules 2004 in specifying the mechanism for availing the credits The latest was


Carry forward of accumulated credit to GST


This article is based on the GST Bill 2017 which was released in public domain in last week of March 2017 Background There seems to be a doubt in assesses who are registered under central excise and service tax whether the unutilized credit in excise and service tax returns can be c f into GST and u


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Updated on : 5/29/2017 1:39:31 PM


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