Itc

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This query is : Resolved

Abhay Kumar Sethia (Querist)

23 February 2018 Dear Sir,
I am requesting to you please guide me that how SHOULD I take the ITC in GST for A goods purchased as input for processing a taxable output as well as non taxable goods. Here it given that
1. It is not possible for me to identify the taxable and non taxable turnover of company
2. And the goods purchases is used for process a input which result in more than one taxable as well as more than one non taxable goods in very uncertain amount and quantity.
Please guide me in the optimum details, for how I complete the Accounting and also tell me the manner I complete the ALL compliance UNDER GST LAWS.

CMA Bhavya

CMA Bhavya (Expert)

23 February 2018 Hi,
As for as ITC Sec. 16(1) CGST Act says Input Tax charged on any supply of goods /services or both to him which is used or intended to be used in the course of furtherance of business. So you can avail the complete credit of the business except
List of Ineligible for ITC-Negative list mentioned in Sec 17(5) of CGST ACT
like 1. Goods purely used for Employees consumption purpose like Food & Beverage,
2. Employee related expenses like insurance, medical treatment, membership of club , health & fitness.
travel benefits , rent a cab others.

RAJA P M

RAJA P M (Expert)

23 February 2018 Dear Mr. Abhay Sethia.,

Please refer this article then You can get Some Clarity about the ITC which is used for the Supplies of Taxable and Non Taxable

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