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.…
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…
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