Setting off of Input Tax Credit under New Mechanism
– For IGST Output: First set off through ITC of IGST, then CGST and lastly, SGST.
– For CGST Output: First set off through ITC of CGST and then, IGST. ITC of SGST cannot be utilized.
– For SGST/UTGST Output: First set off through ITC of SGST/UTGST and then, IGST. ITC of CGST cannot be utilized.
The ITC on bank charges can be claimed only if it is in furtherance of business. However, there are certain conditions which needs to be fulfilled for availing input tax …
The input tax credit on food and beverage supplies are blocked credit for registered person. That is, one cannot claim Input Tax Credit on Food. However, there are certain exceptions …
Know Whether you can claim Input Tax Credit on Food? Read More »
Input Tax Credit or ITC is claiming the credit of GST paid on purchase of goods or services (like travel), which use for the furtherance of business. Apply for GST Registration …
Know Whether You Can Claim Input Tax Credit on Travel? Read More »
ITC on motor vehicle is available on GST pay under certain circumstances. In this blog, we discuss everything about ITC on vehicle. Get your GST Returns filed here! ITC on …
Understand Everything About ITC on Motor Vehicle Read More »
Input tax credit means that the taxpayer can reduce the taxes it has already paid on inputs from the taxes it has to deposit on output. In simple words, he can take the credit of the amount of tax which has been paid on procuring of inputs. By doing so, the taxpayer is avoided from paying the double taxes on a single input.
GST Invoices GST invoices are the important documents. This is so because it not only evidences the supply of goods or services but is also an essential document for the recipient …
GST Invoices Bill Easily Explained Guide By Expert Read More »
The due date for filing of PMT-06 (Monthly Payment for Quarterly Return Filers) is 25th February, 2022.
The due date for filing of PMT-06 for payment if no Input Tax Credit is present for the period of January, 2022 is 25th February, 2022.
From new year, 2022 there are a host of key changes in GST which are applicable from 01.01.2022. These changes include the goods and services tax rate changes on footwear, …
Key Changes in GST That are Effective from January, 2021 Read More »