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gst input tax credit

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How to File Form GST TRAN-1: Part 2

In our earlier blog How to File Form GST TRAN-1: Part I, we discussed about filing GST TRAN-1 with details of CENVAT and input VAT credit carried forward.  In this blog, we will discuss about how to file Form GST TRAN-1 for claiming transitional ITC on Capital goods. In the earlier regime of indirect tax, there were various conditions and restrictions for availing ITC on capital goods. For example, under Central Excise, a manufacturer can avail ITC up to 50 % in the current year and remaining in the subsequent year. Similarly, under VAT, each state had different provisions for claiming input vat on capital goods. As a result, on the date of transitioning to GST, businesses who have unavailed input tax […]

By |2022-11-24T05:33:55+00:00August 25th, 2017|claim transition credit, form gst tran1, goods and services tax, GST, gst input tax credit, gst transition, Tax, tran1|Comments Off on How to File Form GST TRAN-1: Part 2

What is Form GST TRAN-1 and when to File it

  Last updated on August 25th, 2017 at 12:36 pm Businesses having carry-over Cenvat credit and Input VAT credit are allowed to carry forward the eligible Cenvat/Input Credit (ITC) from earlier regime to GST. The Cenvat credit including Service Tax will be carried forward as CGST Input Tax credit and VAT including entry tax will be available as SGST Input tax credit. And, also in certain businesses circumstances, input tax credit on closing stock held on 30th June, 2017, will be allowed to carry forward to GST regime. However, to be eligible to carry forward the credit, businesses are required to meet certain conditions. To know more about different business scenarios and conditions, read our blog Moving to GST: For […]

By |2022-02-09T11:55:13+00:00August 24th, 2017|goods and services tax, GST, gst input tax credit, gst itc, GST Return Filing, gst transition, gst transition in india, Tax, tran-1, tran1|Comments Off on What is Form GST TRAN-1 and when to File it

Taxes Eligible for ITC on Opening Stock of 1st July

  Last updated on August 8th, 2017 at 12:58 pm GST, a comprehensive indirect tax system introduced on 1st July, 2017, has subsumed a host of Central and State levied taxes and has transformed the entire nation as ‘One Nation –One Tax –One Market’. The convergence of taxes into a single indirect tax system is a significant achievement. It aims at seamless availability of Input Tax Credit (ITC) across the supply chain and the state borders, and elimination of cascading effect. With the similar objective, GST is provisioned to allow the tax credit of duties and taxes paid on the closing stock held as on 30th June, 2017. As the saying goes ‘Change is hard at first, messy in the […]

By |2022-09-28T06:25:15+00:00August 7th, 2017|claim gst input tax credit, claim itc in gst, GST, gst input tax credit, how to avail ITC on closing stock, ITC on closing stock, opening stock gst, Tax|Comments Off on Taxes Eligible for ITC on Opening Stock of 1st July

Your Checklist for Claiming Input Tax Credit (Downloadable)

Input tax credit is a critical component of compliance under GST. While input tax credit is available on all inputs used in the course of business or for furtherance of business, certain conditions have been laid down for claiming the input credit. Also, input tax credit is not allowed on certain inputs. This checklist is a useful ready reckoner for you to claim input tax credit correctly. Conditions for claiming input tax credit Negative list (Goods or services on which input tax credit cannot be claimed) ✔ The inputs should be used or intended to be used in the course of business or for furtherance of the business ✔ Motor vehicles or other conveyance, unless they have been further supplied […]

By |2022-05-04T13:28:04+00:00August 4th, 2017|goods and services tax, GST, gst input tax credit, gst itc, input credit, input tax credit, Tax|Comments Off on Your Checklist for Claiming Input Tax Credit (Downloadable)

How to File Form GSTR-3B

The 17th GST Council meeting held on 18th June, 2017, provided a much needed relief to the businesses across the nation. Listening to the concerns raised by the various trade and industrial bodies, and to ensure the smooth roll out of GST, the council decided to extend the timeline for invoice-wise return filing in Form GSTR-1 and Form GSTR-2 for the first two months. For the first two months – July’17 and August’17, businesses need to file a simple return in Form GSTR-3B by declaring the summary of inward supplies and outward supplies. However, the invoice-wise details in Form GSTR-1 and Form GSTR-2 for July and August needs to be filed by 5th September and 20th August, 2017 respectively. Revised […]

By |2021-06-01T07:45:24+00:00July 26th, 2017|filling return, Form GSTR 3B, GST, gst input tax credit, gst on reverse charge, gst payment, GST Return Filing, GST Returns, gstr 3b, Tax, tax payment, tcs, tds|Comments Off on How to File Form GSTR-3B

How to Carry Forward Closing Balance of ITC from Earlier Regime to GST?

GST, a comprehensive indirect tax system, was introduced on 1st July, 2017. The businesses are in the transition phase, and doing everything possible to get equipped with new taxation reform. Among the various aspects, migrating of input tax credit (ITC) is an important one. The closing balance of ITC of CENVAT, VAT, Service Tax as on 30th June, 2017, will be allowed to carry forward as input tax credit to GST. CENVAT (Including Service Tax) will be carried forward as CGST input tax credit, and VAT will be carried forward as SGST input tax credit. While this sounds too simple for businesses, there are certain conditions and actions which businesses need to carry out to get the complete ITC without […]

By |2022-09-17T13:35:24+00:00July 25th, 2017|carry forward closing balance itc, carry forward itc, cenvat to gst, GST, gst input tax credit, gst itc, input tax credit on closing balance, ITC, itc migrate, service tax credit to gst, Tax, vat itc, vat itc to gst|Comments Off on How to Carry Forward Closing Balance of ITC from Earlier Regime to GST?

Reversal of GST Input Tax Credit (ITC)

GST, a comprehensive indirect tax system introduced on 1st July, 2017, is a transaction-based, technology-driven tax system. Under GST, compliance becomes a key factor for the success and credibility of businesses. GST compliance works on the concept of Self-Monitoring mechanism, under which the input tax credit will be dependent on your supplier’s compliance. This means, your supplier should file the returns, declaring the outward supplies along with the tax payment, and matching of invoice between supplier and recipient of goods and services. This is a major transformation from the earlier compliance process, in which the value of input credit availed by you is not dependent on your suppliers’ compliance. In our earlier blogs ‘GST Input Tax Credit Explained [Video] and […]

By |2022-06-09T10:27:16+00:00July 22nd, 2017|claim itc in gst, goods and services tax, GST, gst india, gst input tax credit, gst itc, ITC, itc reversal|Comments Off on Reversal of GST Input Tax Credit (ITC)

All you Need to Know about Job Work under GST

The manufacturing sector is the second largest contributor to our GDP. Many new initiatives taken by the Government in the form of Make-in-India, Invest India, Start Up India, and e-biz Mission Mode Project under the national e-governance plan are facilitating investment and ease of doing business in the country. Indian manufacturing companies in several sectors are targeting global markets and are becoming formidable global competitors. Job work is an integral aspect of the manufacturing industry. Manufacturers usually outsource a portion of their activities to a third person. This turns out be cost-efficient and helps them to be more productive by focusing on their core activities. This process of outsourcing the whole or a part of an activity to a third […]

By |2021-05-20T07:23:20+00:00June 20th, 2017|goods and services tax, GST, gst input tax credit, job work, job work gst, manufacturing, Tax|Comments Off on All you Need to Know about Job Work under GST

How will GST Transform the Indian Wholesale Market?

India is a land of growing consumerism. With about 14 million retail points serving the end customer, in both urban and rural markets, it is a mammoth task for manufacturers – especially those of FMCG and consumer durables – to address the demand. What makes this even more challenging is the fact that as on today, 92% of the retail sector is unorganized – making it practically impossible for a manufacturer to cater to the last mile, solely on the strength of direct distribution channels. The inevitable saviour? The Indian wholesale market. A preamble Before we delve further on the impact of GST on the wholesale market, it is probably useful to understand the position of a wholesaler in the […]

By |2022-05-04T13:36:53+00:00June 5th, 2017|goods and services tax, GST, gst impact, gst input tax credit, gst wholesale market|Comments Off on How will GST Transform the Indian Wholesale Market?

How to Pay GST?

Every registered regular tax payer has to furnish GST returns on a monthly basis and pay the tax due by the 20th of the month. If a tax payer does not pay the tax due, interest on the tax due will be applicable from the day on which the tax was due to be paid. If a person furnishes a monthly return without paying the tax due, the return furnished will be considered as an Invalid Return. Without furnishing the return for a month and paying the tax due, the subsequent month’s return cannot be furnished. Hence, it is necessary to understand how to pay the tax liabilities under GST in order to avoid the penalties of non-payment of tax. […]

ISD: How to Distribute Input Tax Credit

In our previous blog Understanding Input Service Distributor (ISD) in GST, we discussed the role of an ISD in GST. In this blog, we will discuss the various conditions applicable for the distribution of credit and the method of distribution of credit to different units (branches). Conditions for distribution of input tax credit by an ISD The following are the conditions applicable for distribution of input credit by an ISD: 1. An ISD invoice clearly indicating ‘issued only for distribution of input tax credit’, should be issued by the distributor to the recipient of credit. The unit to which the input tax credit is distributed is referred as the ‘Recipient of credit’. The tax invoice should contain the following details; […]

By |2022-05-04T10:11:15+00:00April 27th, 2017|goods and services tax, GST, GST input credit set off, gst input tax credit, gst itc, input credit distribution, input service distributor|Comments Off on ISD: How to Distribute Input Tax Credit

Understanding Input Service Distributor (ISD) in GST

It is quite common that businesses have a distributed system of manufacturing units or service rendering units across the nation. In simple words, businesses with Head Offices (HO) and Branch Offices (BO) which are spread across the nation could be in the same state or a different state. Under this system, in order to have better operational efficiency and control, usually businesses adopt centralized billing for procurement of common services at the HO. This situation leads to the accumulation of input tax credit paid on common inward supplies which are used by the branch units. In order to avoid the aforesaid situation, the concept of Input Service Distributor (ISD) was introduced in CENVAT credit rules, which allows the HO to […]

By |2022-07-20T10:57:16+00:00April 26th, 2017|cenvat credit, goods and services tax, GST, gst input tax credit, gst itc, input service distributor, isd|Comments Off on Understanding Input Service Distributor (ISD) in GST

Scenarios where you cannot Avail Input Tax Credit

In our previous blog we learned about the conditions for availing GST input tax credit and the scenarios in which input tax credit (ITC) can be availed. In this blog, we will discuss the scenarios where you cannot avail Input Tax Credit. Registration not applied for within 30 days from the date on which you become liable to registerIf you have not applied for registration within 30 days from the date on which you become liable to register, you will lose the eligible ITC on inputs and inputs contained in semi-finished or finished goods in stock, on the day before the date on which you become liable to pay tax. After the time limit for availing Input Tax Credit is […]

By |2022-05-04T10:35:44+00:00February 4th, 2017|GST, gst input tax credit, input credit, input tax credit|Comments Off on Scenarios where you cannot Avail Input Tax Credit

Your Checklist for Availing GST Input Tax Credit

In the current tax regime, various conditions are applicable for availing input tax credit. A brief overview is given below: Type of Input Tax Credit Conditions for availing Input Tax Credit (ITC) VAT As a VAT dealer, you can avail credit of the VAT paid on goods purchased in the course of business, for re-sale or for manufacture of goods, subject to conditions. Only purchases from registered dealers within the state are eligible for ITC CENVAT/Service Tax As a manufacturer, you can avail CENVAT credit on all inputs used directly or indirectly in relation to the manufacture of final products. You can also avail ITC on the service tax paid on any input service. If you are a service provider […]

By |2021-11-10T05:59:34+00:00January 18th, 2017|conditions for gst itc, eligibility for gst itc, goods and services tax, GST, gst input tax credit, gst itc, input tax credit|Comments Off on Your Checklist for Availing GST Input Tax Credit

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