Availability of input tax credits Sec 18(1)
Iam SSA (14 Points)
08 March 2023but kya supplier ku invoice amendment karna padenga kya ???
kyu ki uske pahele to bill unregistered person ke naam par daal diya honga 🤔🤔
Iam SSA (14 Points)
08 March 2023
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(3303 Points)
Replied 08 March 2023
You can claim the input tax credit on capital goods. However, you cannot claim input credit on all purchases. For example, input tax cannot be availed when you buy goods and services for your personal use. You cannot claim input credit if the purchase invoice is older than one year in most cases.
CA Mayank A Jain
(Chartered Accountant in Practice)
(1009 Points)
Replied 09 March 2023
You can take credit of input tax in respect of inputs held in stock which has been purchased in the last 1 year. You have to file FORM ITC-01 to claim this credit. The invoice from the supplier need not have your GSTIN mentioned.
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"