GST Commission Input Tax Credit (ITC): Bajaj Finance Bills

Gst commissions

sivasankar galla

finance analyst

20 Points Posted on 05 July 2020

In gstr 2a reflect the bill of bajaj finance commission. Can we take input credit. But how to jv.

Replies (5)

Quick Summary

This discussion clarifies whether input tax credit (ITC) can be claimed on commissions paid to Bajaj Finance, as reflected in GSTR 2A. The consensus is that ITC is eligible if the commission is a business expenditure and all conditions under Section 16(2) of the CGST Act are met, including possessing the original tax invoice. Journal vouchers (JV) can be used to record such entries.

CA Rashmi B

Assistant Manager

20 Points Posted on 05 July 2020

If it is in a business expenditure the ITC would be eligible provided conditions of Sec 16(2) also fulfilled i. e the recipient has the tax invoice

chethan data

20 Points Posted on 05 July 2020

Sir yes can take itc if it's in the course furtherance of business
entry like
commission exp Dr
to input cgst
to input sgst
to Sunday creditor

Pankaj Rawat

GST Practitioner

20 Points Posted on 05 July 2020

Yes the ITC can be claimed subject to conditions prescribed in Section 16 of CGST Act .

Note : Kindly get original tax invoice for the same from Bajaj