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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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What is the procedure to claim input tax credits on stock at the time of registration under GST

First of all, we will discuss the scenarios where input tax credit (ITC) allowed on stock in hand at the time of registration: Scenario 1: Where registration required where turnover crossed threshold limit or it obligatory to get…

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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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Transitional Period – Return Forms and their relevancy

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…

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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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Treatment of Input Credits where Invoice of purchases received by purchaser after 30.06.2017

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…

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