Live GST Course on GST Input Tax Credit (ITC)

Class Schedule

Coverage of the Course :

• What is the Eligibility and Condition for claiming ITC- Section 16 with practical scenarios and examples
• Requirement and reversal of ITC (Rule 37)
• Interplay of Valuation – GST ITC
• Schedule I vs Rule 37 Comparative Study
• Rules and Provision for Offset of ITC - Case Study
• Concept of Claim - Reversal – Reclaim
• Clarification on Non Filing of GSTR-1 and GSTR 3B
• Other provision of Section 17 for reversal of common ITC and reversal as per Rule 42/43 for Input, Input Service & Capital Goods
• Exclusions in value of exempt supplies for the purpose of reversal of common credit ITC as per rule 42 and 43
• Exclusion of interest income and other exempt services from aggregate value of exempt supplies for reversal of common ITC as per rule 42 and 43
• Special Provision for Banking, Financial Institutions, NBFC's
• Blocking of ITC (Rule 86A)
• Restrictions on use of amount available in electronic credit ledger (Rule 86B)
• Order of utilization of input tax credit (Rule 88A)
• Manner of calculating interest on delayed payment of tax (Rule 88B)
• Availability of credit in special circumstances
• ITC on opening stock of inputs at the time of registration
• ITC on stock of inputs available to person taking voluntary registration
• ITC on opening stock of inputs and capital goods available on opting out of composition scheme
• ITC on stock of inputs and capital goods when exempted goods or services become taxable
• ITC reversal on closing stock of inputs on switching to composition scheme/wholly exempt supplies
• Transfer of ITC in case of sale, merger, demerger, amalgamation, etc.
• Transfer of ITC on obtaining separate registration for multiple places of business within a state or UT
• Removal of capital goods or plant and machinery
• Taking ITC in respect of inputs and capital goods sent for job-work
• Manner of distribution of credit by Input Service Distributor
• Manner of recovery of credit distributed in excess
• Apportionment of Credit
• Meaning of Taxable & Exempt Supply
• Credit used exclusively for Taxable supply / exempt supply
• Common Credit
• Supplies for personal consumption etc.
• How to apportion the credit
• Blockage of Credit in respect of
• Motor Vehicles, Vessels and Aircraft; their servicing repair & maintenance.
• Food & beverages, outdoor catering beauty treatment, health services,cosmetic & plastic surgery, renting or hiring of motor vehicles, and others
• Woks contract services
• Membership of Club, Health and Fitness Centre
• Goods & Services provided to employees
• Travel benefits to employee
• Construction of immovable property on own account
• Goods or services received by a non-resident taxable person
• Goods or services used for CSR activities
• Goods or services used for personal consumption
• Gifts, free samples and goods lost or written off
• Tax paid in fraud cases, confiscation etc
• ITC on Works Contract and Construction of Immovable Property related issues such as:
• Installation of lift
• Overhead crane
• Construction of warehouse for leasing
• Civil construction for installation of machinery etc.
• Credit on free gifts, samples, goods lost, stolen or destroyed etc.
• ITC & Tax paid under Section 74, 129 and 130
• Discussion on various important judgments on ITC
• How to prove genuineness of transactions to avail GST IT
• ITC can be claimed during revocation of cancelled GST registration
• Claiming Time Barred ITC for the period of Cancellation
• ITC availability on vouchers and subscription packages
• Constitutional validity of Section 16(2)(c) challenged in various cases
• Constitutional validity of Section 16(4) challenged in various cases
• Case laws on rectification of error or omission made while filing GST statements/ returns/ forms
• Other important case laws on GST ITC
• Open House: Question and Answer

Experienced Faculty

Bimal Jain is a Member of Institute of Chartered Accountants of India since May 1994 and Member of Institute of Company Secretaries of India since December 2006 along with a Bachelor’s degree in Law. He has more than 24 years of experience in Indirect Taxation and specializes in all aspects of Service Tax, Value Added Tax (VAT)/ Central Sales Tax (CST), Central Excise, Customs, Foreign Trade Policy (FTP), Special Economic Zone (SEZ), Export Oriented Unit (EOU), Export-Import Laws and well acquainted with the concept and impact of Goods and Services tax (GST).
He has blend of Industry and Consulting experience in renowned Companies viz. LG Electronics India Pvt. Ltd, Honda Motorcycle Scooters India Pvt. Ltd, Hindustan Development Corporation Ltd, Khaitan & Company and presently he is the Executive Director of A2Z Taxcorp LLP – a boutique Indirect Tax firm.

Frequently Asked Questions(FAQ)