CGST Rules: Chapter 5 – Input Tax Credit

By |2021-12-01T10:56:48+00:00December 5th, 2021|Categories: GST|Tags: , , , , , , |

The most recent update of Input Tax Credit 28th May 2021: STR-6 is to be filed on the last day of April 2021 through GCS for April 2021, May 2021, and June 2021. GTS OPC should be utilized to comply with the CSTG's Rule 36(4) Input Tax Credit, which permits applications to be submitted together in [...]

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Input Tax Credit on Capital Goods

By |2021-11-11T06:47:24+00:00October 10th, 2021|Categories: General|Tags: , , , , , , , , , |

  The goods and service tax (GST)  introduced a new concept of Input Tax Credit capital goods which is similar to that of VAT but with an important difference that the former will allow a set-off only on output rather than on both import and exports as in case of VAT. This would bring an inconsistency between [...]

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Know all about Input Tax Credit (ITC)

By |2021-06-29T12:27:08+00:00October 13th, 2016|Categories: GST|Tags: , |

Input tax credit is claimed by a registered dealer. A registered dealer is one who has TIN from his VAT Department. VAT registration is mandatory for claiming the tax credit. Each state has its own rules and regulations regarding tax collecting norms and is applicable accordingly. Input tax credit is an aggregate amount of tax payable [...]