One of the main features of Goods and Service Tax is the availability of the Input Tax Credit across the supply chain cycle. This statement provides very soothing sound to the trade and industry but it has certain conditions to be fulfilled to take advantage of this statement. As there is no matching for the time being as the Government has […]
As per Circular No. 33/07/2018-GST dated 23rd Feb 2018, the taxpayer as on 1st of July is not eligible to take the credit on the blocked CENVAT Credit from the carried forward balance in the Electronic Credit Ledger. Blocked input tax credit here refers to input tax credit taken on items such as pipelines laid […]
As per Section 171 of the CGST Act, any reduction in the tax rate or additional benefit of the input tax credit has to be passed to the recipient under Anti-Profiteering.
The claim of input tax credit shall be considered as matched where the amount of input tax credit claimed in GSTR – 2 of the recipient is equal to or less than the output tax on such tax invoice or debit note in the GSTR -1 of the Supplier.
In GSTR – 3 if there is a difference between the tax amounts filed in GSTR – 3B and with GSTR – 1 and GSTR – 2, the same can be adjusted in Part – B of GSTR – 3. If the tax liability is more, then the same has to be paid/discharged in case […]
If a taxpayer has missed any outward supplies or inward supplies invoices amounts while filing GSTR – 3B, those invoices can be included in the GSTR – 1 and GSTR – 2 and the output liability and input tax credit will be considered in the GSTR – 3 and if any amount is payable the […]
As per section 29 of the CGST Act at the time of cancellation of registration, the taxpayer has to reduce the input tax credit claimed at rate of 5% per quarter on the capital goods, plant, and machinery.
In subsection A of Section 4 of GSTR – 3B, input tax credit availed during the month has to be shown separately for all the taxes for import of goods, import of services, inward supplies from ISD, inward supplies which attract reverse charge along with any other sources from where ITC is claimed that is for the […]