cenvat credit notes


Clarification about 65000 crore transitional credit

There are lot of speculations in the media about the credit of Rs 65 000 crore claimed by taxpayers in respect of Central Excise and Service Tax in the pre GST period Some people are under the impression that because of Rs 65 000 crore claimed as transition credit the income of Government this month

Form 67 enabled in efiling for claiming foreign tax credit

DGIT S ADG S 3 e filing notification form67 2017 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax Systems Notification No 9 New Delhi 19thSeptember 2017 Procedure for filing Statement of income from a country or specified territory outside India and For

Demonetization was immensely beneficial to Indian Economy says Govt

Finance Ministry Demonetization immensely beneficial to Indian Economy and People The Government of India decided to cancel the Legal Tender Status of Rs 1000 and Rs 500 denomination currency notes on 8thNovember 2016 with several objectives i flushing out black money ii eliminate Fake Indian Curren

Rs 15.28 lac crore banned notes received back : RBI

Status of the Return of SBNs Reserve Bank of India RBI Annual Report 2016 17 The RBI Annual Accounts for 2016 17 at note XI 6 2Liabilities of Issue Department Notes Issuedin para ii mentions Until June 30 2017 SBNs were received by the Reserve Bank either directly or from bank branches post offices

Insolvency and Bankruptcy code has changed debtors and creditor relationship

FM inaugurates the National Conference on Insolvency and Bankruptcy Changing Paragdigm in Mumbai Creditors and Debtors perspective Striking the balance The Union Minister of Finance Defence and Corporate Affairs Shri Arun Jaitley said that since the Insolvency and Bankruptcy code has been implemente

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Experts Opinions

Ineligible input credit option in gstr-2

Company main sales are liquor for human consumption It is outside the GST tax regime and not eligible to claim ITC on inputs used for exempted supply My question was while filing the online GSTR 2 Supplier invoices showing the four options in Invoice 1 Input 2 Input Service 3 Capital Good 4 Ineligib

Credit note reduction in tax''''urgent''''

Dear Experts We have issued the invoice in July but we have issued the credit note against the same bill in September for rate difference Pls tell me can I adjust the tax amount of this CN against the tax liability of September E g tax liability for the month of September 100000 Less CN tax 1000 Bal

GST Credit Note

we received credit note from supplier supplier issued credit note for quantity scheme discount of last month of sale such credit note are shown only total amount credited in our account not bifurcat of GST Tax such note how to shown in GST return can we bypass such note

Credit note under gst

Dear Expert if bill is in June month and credit note issued against this bill in July Do we liable to show GST on this

advance to creditor

can a company made advance to creditor It is uncertain whether the company will enter any kind of transaction capital or revenue with the said creditor is there any violation of accounting provision and the same shown as assets in balance sheet


isd distribution of credit

what is the difference between section 20 2 d and e


Can I GSTR 3b late fee credit in ITC next month Plz suggest me

Credit note query

I bought a hosting online with 30 discount coupon at the time of purchase Cost of the hosting was Rs 10 000 GST and I paid Rs 7 000 GST Company gave me three things 1 Invoice of Rs 10 000 GST without showing any discount 2 Credit note of Rs 3 000 GST for the same invoice 3 Receipt of Rs 7 000 withou

Tda credited

I give unsecured loan to a person And he credit me at the end of year with interest with deducting tds on interest now question is should i show this to me account of same financial year Payment is not made

RCM Credit

Dear sirWhen we can take credit for RCMif we paid RCM of September in October

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How Letter of Credit Works

Any person involved in the trade is familiar with the term Letter of credit Letter of credit in general term is an assurance given to remit the amount to the seller through seller s bank by the buyer s bank on maturity as per the terms and agreement of agreement between the parties It is a letter fr

Section 17 of GST - Apportionment of credit and blocked credits

1 Where the goods or services or both are used by the registered person partly for purpose of any business and partly for other purposes the amount of credit shall be restricted to so much of the input tax as is attributable to the purposes of his business Business purpose other purpose Business pur

Eligibility of input tax credit with respect to Motor Vehicle

Section 17 of the Central Goods and Service Tax CGST Act deals with Apportionment of credit and blocked credits wherein Clause 5 of the said Section provides for restriction of credit It is pertinent to note that section 17 5 of the Act start with Notwithstanding anything contained in sub section 1

Some important notes before finalising TRAN-1 even if already filed

Some useful points before finalizing TRAN 1 practical point of view 1 Rule 117 1 Provided further that where the inputs have been received from anExport Oriented Unitor aunit located in Electronic Hardware Technology Park the credit shall be allowed to the extent as provided in sub rule 7 of rule 3

How is Input Tax Credit to be Used?

Introduction This article discusses in detail about adjustment order of Input tax credit under GST Query As per rule first IGST has to be adjusted in CGST and then SGST but because of lack of knowledge IGST has been adjusted 50 50 against tax liabilities as per below screen shot and submitted GSTR 3

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Updated on : 10/17/2017 6:19:12 AM

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