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…
GST Law has provided Transitional provisions in respect of Input Tax Credits where dealer was paying taxes at a fixed rate or a fixed amount as a Central tax and /or State VAT/ Sales Tax (i.e. he might…
A big question in everyone’s mind is that what will the treatment of input tax credits, where seller of goods or provider of services has issued invoice before 30.06.2017 under previous laws (i.e. under excise duty, State VAT…
Input tax credits of Excise Duties Where a registered person under GST, who was engaged in the: manufacture of taxable as well as exempted goods under the Central Excise Act, 1944; or provision of taxable as well as…
The objective of this provision is to provide benefit of Input Tax Credits paid under State VAT laws to dealer (registered under GST), on stock in hand as on 01.07.2017 (which is liable to tax under GST), where…
Yes, it is true that a person registered under GST laws shall be entitled to take credit of eligible duties even if he was not registered under earlier laws and not filed any return under existing law. The objective of…
This article relates to Unutilized balance of VAT Credit (under UT VAT laws) standing on 30.06.2017. A registered person under GST (other than those who opt to pay GST under Composition Levy) shall be entitled to take the…
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