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…
In this article, we will discuss following two situations in respect to Input Tax Credits of Inputs and Input services:- Where the goods or services or both are used by the registered person partly for the purpose of…
It is normal course of business by big corporations to get their branded products manufactured by others by providing their own raw material. Such manufacturing includes, processing of inputs, re-processing of inputs, testing of goods or any other…
Types of Invoices in GST There are various types of invoice (s) to be issued under GST at different situations : Situation Type of Invoice Registered person supplying taxable goods/services/both Tax Invoice Registered person supplying exempted goods/services/both Bill…
During transition phase, every dealer registered under existing laws like VAT / Excise / Service Tax / Luxury Tax etc., is obliged to file the return forms to claim benefits provided under transitional provisions under GST. There forms…
In GST, every tax paid on purchases of goods or services or both for the furtherance of business are allowed as Input Tax Credit. However, there are some purchases which are specified under law for which such input…
In the current regime of Indirect Taxes in India, Input Tax Credits has crucial role to correctly impose such taxes. Practice of input tax credits provides a reasonable assurance that there is no cascading effect of charging of…
In GST laws, transitional provisions have been provided to mitigate the differences in earlier laws and in GST. In this article, we will discuss various situations and its corresponding law in GST Act in respect of Central Taxes.…
Under service tax provisions, it is provided that where payment to supplier of service is not made within three months of provision of service, Credit of such service tax required to be reversed and it could be reclaimed…
Where a registered person having centralised registration under the existing law has obtained a registration under this Act, such person shall be allowed to take, in his electronic credit ledger, credit of the amount of CENVAT credit carried…
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