cenvat credit summary

News

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

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

Clarification regarding transitional credit and extension of GSTR3B


Government of India Ministry of Finance 17 August 2017 20 03 IST On Clarification regardingavailability of Transitional Credit for GST As per the rules the Goods and Services Tax GST for the month of July 2017 has to be paid by 20th August 2017 Only after the payment of full GST return in summary Fo

Impact of GST on Airfares


Under the GST regime the applicable tax rate on passenger tickets for economy class has been reduced from 6 to 5 non creditable for goods The tax rate for business and first class has been increased from 9 to 12 with input tax creditable for both goods and services procured by airlines With regard t

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Experts Opinions

Igst tax credit


Can we claim IGST excess tax Credit against 50 CGST and 50 SGST

Can i claim all input credit on machinery and electrical fittings purchase for pulses reprocessing i.e.cleaning and packing industry ?


GST

TDS return 24Q amount paid/credited


What amount is to be taken for salary TDs return in amount paid credited is 1 gross salary before any deduction exemption or 2 is it taxable salary on which TDs is deducted and which amount is reflected in 26AS

Input credit on insurance premium paid on company cars


Sir We have paid Insurance premium on company cars which includes GST also Cars are being used by Production Head Executive Director Purchase Head Whether we can claim input credit Regards

Gstr 2 - input credit not reflecting in credit ledger


I HAVE SUBMITTED AND FILED GSTR 2 FOR THE MONTH OF JULY 17 AVAILING RS 1920 AS INPUT CREDIT BUT THE SAME AMOUNT IS NOT REFLECTING IN THE ELECTRONIC CREDIT LEDGER IS IT A GST PORTAL SYSTEM RELATED ISSUE

Discussion

Input credit time limit

Is there any time limit for taking input credit of purchased goods

Input credit on tea consumed in our factory

We regularly purchase tea powder packets for our factory canteen Can i avail input credit on that

Diwali gifts input credit

I ve purchased gifts and sweets for both my staff and customers Can i avail input credit in both cases

availing credit of stock held as on 1 july

can we set off cgst as well from stock held as on 1 July i e old stock if yes then how if no then why

DT-Penalties summary

Can anyone provide me with the summary notes for Penalties chapter of DT

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File Download

  • DT & IDT Case Laws for CA Final May-17

    Containing all the DT and IDT case laws applicable for Nov 17 exams in a summarised form All the case laws included here are from the Selected Case Laws issued by ICAI and RTPs applicable for Nov 2017 exams The summary is prepared for memorising the outcomes of the cases easily and you can strengthen your answers by devoting comparatively less time You are advised to read the complete matter and the basis of decision as provided in Selected Case Laws and RTPs to have a better understanding
  • IDT Revision Via Charts

    This document contains the IDT Summary Charts issued by Institute in Students Journal during the month of April 2017 It contains the Summary of Central Excise Service Tax Customs and Foreign Trade Policy It is also important to note that the shared document does not contain any Content on GST
  • Standards of auditing super summary notes

    100 percent standards in just 85 pages with practical questions by CA Sanidhya Saraf Faculty at ICAI
  • Super summary file for allied notes

    Allied law covered in just 50 pages covering all important concepts for exam
  • Rule 42

    Reversal for Input Credit where Sales relate to Taxable sales as well as Exempt Sales

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Articles

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


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


Blocked credits under GST


Generally the input tax credit eligibility is based on whether the same is used for taxable supplies or exempt supplies Where the goods or service is used for both taxable and exempted supplies only proportionate credit is eligible to registered person only with respect to taxable supplies It is to


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Updated on : 10/18/2017 5:51:11 PM



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