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Input tax credits: Where a registered person opts Composition Scheme

In this article we will understand the impact on Input tax credits, where a normal registered person under GST opts to pay tax under Composition Scheme A person was registered under normal provisions under GST (i.e. claiming input…

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Reversal of ITC where Capital Goods used for both taxable & exempt sales

Section 17(1) and Section 17(2) of CGST Act 2017 provides that where Capital Goods are used in the business for common purposes (i.e. to effect taxable as well as exempt supplies) or used for business as well as…

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