As per the Draft Input Tax Credit Rules, when regular taxable person changes to composition scheme, for the capital goods remaining in stock the input tax credit to be reversed, is based on the residual life of the asset as 5 years and input tax credit will be computed on pro-rata basis for the remaining life of the […]
As per the Draft Input Tax Credit Rules, details of the delivery challan sent to a job worker and received back from the job worker in a tax period has to be shown/submitted in the outward monthly return FORM GSTR-1.
As per the Draft Input Tax Credit Rules, Input Tax Credit is available only if the registered person has issued the tax invoice for the supply of goods or services as given in the Revised Invoice Rules and the same is furnished in the GSTR – 2 of the recipient and GSTR -1 of the […]
As per the Draft Input Tax Credit Rules, input tax credit on capital goods is allowed if the same are used exclusively for the supply of taxable goods including zero-rated goods. If they are used partially for the exempted goods and taxable goods, then ITC has to be taken the basis of Rule 8.
As per the Draft Input Tax Credit Rules, the registered person on sale, merger, de-merger, amalgamation, lease or transfer or change in ownership of business for any reason, furnish the details of sale, merger, demerger, amalgamation, lease or transfer of business, in FORM GST ITC-02 on common portal electronically for the transfer of the Input Tax Credit balance […]