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ITC on Lift available or not under GST?

Lift is not a machine, it is part of Building, is it true? Is the ITC claimable on the purchase of Lift? Let us discuss whether the lift is a machine or Building only we would reach to the conclusion of ITC is eligibility. Section 17(5) blocks credit of works contract and goods or services received by a taxable person for construction of an immovable property (other than plant and machinery). If the lift is part of the building and it constitutes immovable property ITC is not available means ..

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Glimpse on Refund of unutilised Input Tax Credit (ITC)

Introduction: Accumulation of Input Tax Credit happens when the tax paid on inputs is more than the output tax liability. Such accumulation will have to be carried over to the next financial year till such time as it can be utilised by the registered person for payment of output tax liability. However, the GST Law permits refund of unutilised ITC in two scenarios, namely if such credit accumulation is on account of zero rated supplies or on account of inverted duty structure, subj..

Posted in articles |   1966 Views

All about input tax credit under goods & services act

Input Tax Credit Input Tax Credit or ITC is a credit that can be used to pay off the tax liability of registered taxpayers. It is a tax paid by the person registered under the GST Act when he purchases goods or avails any services from a registered taxable person. It helps the registered taxpayer to reduce his tax liability when he sells goods or render any services. The input tax credit is available only to a person who is registered under the Act. This helps the subsequent taxpa..

Posted in articles |   1 comments |   795 Views

List of Goods and Services on which GST ITC is not available

List of Ineligible Items on which ITC is not allowed under GST Laws - Updated as on 8th September, 2020 For a taxpayer, it is essential to determine whether the tax paid on the inward supplies is eligible as Input Tax Credit (ITC) or shall fall within the ambit of ineligible ITC. Section 17(5) of CGST Act 2017 provides for cases wherein a taxpayer would not be entitled to claim ITC unless it falls within the exceptions as provided. In this relevance, list of Goods & ..

Posted in articles |   2 comments |   4502 Views

Claiming Input Tax Credit under GST Regime

1) Introduction:- Input Tax Credit means reducing the taxes paid on inputs from taxes to be paid on output. When any supply of services or goods is supplied to a taxable person, the GST charged is known as Input Tax. The concept is not entirely new as it already existed under the pre-GST indirect taxes regime (service tax, VAT and excise duty). Now its scope has been widened under GST. Earlier, it was not possible to claim input tax credit for Central Sales Tax, Entry Ta..

Posted in articles |   2438 Views

No ITC on project development services for immovable property construction

Construction services/works contract have always faced the wrath of lawmakers as far as credit is concerned under CENVAT rules. The same plight continues under GST - probably because works contract services result in the creation of immovable property, which is outside the purview of GST. As per Section 16, every registered person is eligible to take ITC of goods and services intended to be used in the course or furtherance of business subject to fact that other conditions as mentio..

Posted in articles |   3677 Views

Whether ITC to be reversed or not on the Goods destroyed due to lockdown ?

Goods of many taxpayers have destroyed or expired due to lockdown. They had paid Goods and Services Tax (GST) on it and taken the input tax credit. Many manufactures had given GST on the raw materials which are used to make the finished goods. Now the raw material has expired or gone bad. Those goods will not come under sale due to destroyed. The problem is now whether taxpayers will have to reverse the input of GST or not on the destroyed or expired goods? Sec..

Posted in articles |   985 Views

Clarification related to GST Refund - ITC populated in GSTR 2A

Clarification related to the processing of GST Refund - Restricted to ITC populated in GSTR 2A The Central Board of Indirect Taxes and Customs (CBIC) had issued Master Circular on Refunds No. 125/44/2019-GST dated 18.11.2019 rescinding all earlier circulars. Recently CBIC has issued Circular No 135/05/2020 - GST dated 31st March..

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CBIC clarifies on refund of ITC in respect of invoices whose details are not reflected in GSTR-2A

Circular No. 139/09/2020-GST CBEC-20/06/03-2020 -GST Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes and Customs GST Policy Wing New Delhi, Dated the 10th June, 2020 To, The Principal Chief Commissioners/Chief Commissioners/Principal Commiss..

Posted in news |   2886 Views

ITC on expenditures incurred on public welfare due to COVID-19

When we are writing this article, the world is suffering a ridiculously huge dilemma due to the COVID-19 pandemic. Many persons are donating masks, sanitizers, personal protective equipment (PPE), ventilators etc. to the needy people. It is an exceptionally good help to the needy people by giving some essential and required things in this situation. To encourage these donations the Ministry of Corporate Affairs issued a clarification that the amount spent by companies would be consi..

Posted in articles |   540 Views

Supply of car for demonstration- GST Implications

Background: Goods & Service Tax (in short 'GST') introduced in year 2017 enacted the law with similar provisions for sale of old or new car. Thereby implementing heavy tax burden on the same with applying Cess over and above the highest slab rate of 28%. Later in beginning of year 2018 statue were relaxed in regards to used car. Now issue arose in respect to classification of car i.e. whether supply is of old/used car or would tantamount to supply of new car...

Posted in articles |   4 comments |   1468 Views

Issues of GST ITC in Lockdown of Business

Is ITC eligible on expenses made for employee’s health safety? The lockdown has promoted the Work from home Culture. Is ITC eligible for such expenses? Read what Krishna has reply to these queried posed by Arjuna..

Posted in articles |   3 comments |   3521 Views

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