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ITC Utilisation Pattern/Order Amended w.e.f. 1 February 2019

Section 49(5) of CGST Act, 2017 prescribes the pattern of utilisation of eligible Input Tax Credit (ITC) for payment of tax under different heads of GST i.e. CGST, SGST, UTGST, and IGST. ITC Utilisation pattern has very crucial…

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Entitlement of ITC on maintenance of Township, Guesthouse, Hospital etc.-AAR

Odisha Authority for Advance Ruling -GST has issued an important order in case of Advance Ruling sought by M/s National Aluminium Company Ltd {‘NALCO’} in respect of its entitlement to take credit of ITC on various goods and…

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How do I convert a proprietorship to a partnership firm after the implementation of GST?

Proprietorship firm means a firm/entity which is owned by a one natural person only. In this form of business entity, only one person is the owner of such business. All capital investment, risks, rewards, profits, losses, assets, liabilities…

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Transitional Credits not allowed in some cases- CBEC Circular 23.02.2018

On 23.02.2018, CBEC has issued a Circular CIR-33/07/2018-GST in relation to Disputed and Blocked Transitional Credits  (CENVAT Credits) carried forward under GST during Transition to GST. To prevent misuse of transitional credits and non-adherence to GST provisions, CBEC has…

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Input Service Distributor – Concept and Procedures under GST

Concept of Input Service Distributor or say ‘ISD’ has been taken from earlier indirect tax well known as Excise Laws.  Under this concept, big business houses are able to distribute common input tax credits of an un-productive unit…

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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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Input Tax Credits : Where the inputs or Input services used partly for the purpose of business and partly for others

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…

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What are various situations where Input Tax Credits not allowed in GST

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…

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Input Tax Credits under GST : Meaning and Conditions

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…

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