Input tax credit- issues and precautions

Input tax credit- issues and precautions
december 29, 2017

India GST – A Unique Experience
150 days of GST 150 Action pact days 150 FAQs 150 AARs 150 Writs 150 Uncertainty on core issues 150*1000 Whatsapp msgs / Twitter BIGGEST TAX REFORM IN INDIA Comprehensive Indirect tax Making India a unified market

Procurement of Services
Impact of GST– Trader Procurement of goods Intra-State Goods/ Services Compliance with Anti pro-fiteering Provisions VAT CGST Intra-State SGST C Excise CGST Inter-State Goods/ Services VAT SGST CST IGST Trader Inter-State Exports of Goods/ Services C Excise IGST Zero Rated Zero Rated CST Stock transfer No tax (VAT Retention) IGST Import Procurement of Services BCD BCD CVD Intra-State Inter-State Import IGST SAD S Tax CGST S Tax IGST S Tax IGST Cess Cess SBC/KKC SGST SBC/KKC SBC/KKC

Impact of GST - Manufacturer
Procurement of goods Intra-State sales C Excise CGST Intra-State VAT SGST C Excise CGST VAT SGST Inter-State sales Manufacturer C Excise IGST Inter-State CST C Excise IGST CST Exports No taxes No taxes Import Procurement of Services Stock Transfers BCD BCD No taxes IGST CVD IGST Intra-State Inter-State Import SAD S Tax CGST S Tax IGST S Tax IGST CESS CESS SGST

ITC framework under the GST regime
Sr. No. Concept Section under the CGST Act CGST Rule 1 Scope and conditions for availment of ITC 16(1), (2) 36,37 2 Non-eligibility of credit to the extent of depreciation claimed under IT Act 16(3) 3 Time limit for availment of credit 16(4) 4 Availment and reversal of credit for goods and services used for taxable as well as exempted supplies 17(1), (2), (3) 42, 43 5 Special provisions for banking and financial services sector 17(4) 38 6 Blocked credits 17(5) 7 Availment of credit in special circumstances (such as upon obtaining registration, composition, etc.) 18(1), (2), (4), (5) 40, 44 8 Credit upon change in constitution of business 18(3) 41 9 Supply of capital goods and plant & machinery on which credit is availed 18(6) 10 Credit in respect of goods sent for job work 19 45 11 Distribution of credit by ISD and conditions for the same 20, 21 39

Input Tax Credit and Input Tax
2(62) Input Tax Credit means the credit of Input Tax 2 (63) Input Tax means CGST, SGST, or IGST charged on any supply and includes - I IGST charged on imports Tax paid on Reverse Charge basis on goods CGST IGST SGST Tax paid on Reverse Charge basis on services II Three important terms – Inputs, Input Services and Capital goods

Input Erstwhile Regime GST Regime
All goods used in the factory…, for providing output service…, except: light diesel oil, high speed diesel oil and motor spirit, commonly known as petrol… Any goods used for construction… … building or laying of foundation or making of structures for support of capital goods…… … … Any goods except capital goods used or intended to be used by a supplier in the course or furtherance of business Analysis The concept of use within factory abolished Disputes on ‘in relation to manufacture’ will be a story of the past Wider nexus to cover any thing used in the course or furtherance of business The definition not only covers goods ‘used’ but also goods ‘intended to be used’ Goods received at customs port by the Company can be considered as ‘receipt of goods’ and Credit can be availed immediately

Input Service Erstwhile Regime GST Regime Any service,-
(i) used by a provider of taxable service for providing an output service; or (ii) used by a manufacturer, directly or indirectly, in or in relation to the manufacture… and clearance of final products upto the place of removal And includes… … But excludes… … Any service used or intended to be used by a supplier in the course or furtherance of business Analysis Widened scope due to inclusion of all services used in the course or furtherance of business The concept of use of services ‘up to the place of removal’ abolished

Capital Goods All goods falling under Chapter 82, 84, 85… … used
Erstwhile Regime GST Regime All goods falling under Chapter 82, 84, 85… … used In the factory of manufacture… … (1A) Outside the factory for generation of electricity for captive use (2) For providing output service … … Goods, the value of which is capitalised in the books of account of the person claiming the input tax credit and which are used or intended to be used in the course or furtherance of business Analysis Tariff classification based definition dropped Parity between books of accounts and treatment under the CGST Act The concept of receiving Capital goods ‘in the factory’ no more applies Credit on capital goods can be availed The condition of receipt of goods still continues The concept of bifurcation of goods credit into Inputs and capital goods continues

Eligibility and conditions
Section 16 read with Rule 36,37

Eligibility - Input Tax Credit [S. 16(1)]
Eligibility Conditions Registration a pre-requisite for availment of credit Credit of input tax charged on any supply of goods or services or both Used or intended to be used in the course or furtherance of his business Credit availment through electronic credit ledger Intended to be used – Example Sr. No. Examples 1 Builder has started construction activity and agreement to sale the flat has not been sold - Whether credit would be available? Yes – It is intended to be used in the business 2 Goods and services used in setting up of new venture 3 Goods and services used in CSR activity – in furtherance of business

Input Tax Credit- Utilization
IGST CGST SGST Utilization of Credit X X SGST CGST

Separate ITC Pools Company
IGST Maharashtra Karnataka Registration 1 Registration 2 Vertical 1 Vertical 2 CGST SGST Cross utilization of the ITC pools across the different verticals and states is not possible

Conditions for Availing Credit [S. 16(2)]
Possession of appropriate documents as per Rule 36 (discussed in next slide) Receipt of goods or services or both Tax has been actually paid to the Government Return has been furnished

Documentary Requirements for claiming ITC [Rule 36]
Documentary Evidence Tax Invoice Debit Note Bill of Entry ISD invoice or ISD credit note Information pertaining to the mentioned documents shall be appropriately furnished in GSTR 2

Matching of Input Tax Credit
Supply of Goods Supplier 1 Assessee Value – INR 1,000 GST – INR 200 GSTR – 1 GSTR – 2 2 4 3 5 GSTR – 2A Furnishes outward supplies details - Value – INR 500 GST – INR 100 GSTR – 1A Furnishes inward supplies details – Value – INR 1,000 GST – INR 200 Assessee would be eligible for credit only to the extent the supplier accepts the modification made by the recipient provided in Form GSTR – 1A Assessee shall either hold the payment to the extent of credit or obtain undertaking from the vendor to avoid loss of credit

Parameters for Matching
Input Tax Credit shall be allowed only if following details in GSTR-1 match with the GSTR-2 of the recipient- GSTIN of Supplier GSTIN of Recipient Invoice Number Invoice Date Amount of GST Matching of other details like HSN / SAC is not necessary for availing Input Tax Credit

Conditions – Receipt of Service
GST on advance qua goods Not applicable with effect from November 15, 2017 GST on advance qua services Continued While time of supply arises upon receipt of advance, credit eligibility crystallised only upon receipt of services Liability to pay tax arises in April 2017 and credit is eligible in June 2017 after receipt of services Results in working capital blockage Example: Annual Maintenance Contracts, Mobilisation advance of works contract service Example Date of receipt of advance 1 April 2017 Date of receipt of services 1 June 2017

ITC paid under RCM Raise self-invoice for the goods/services on which GST is payable under RCM Pay GST under RCM through Cash before filing of GSTR-3 ITC of GST paid under RCM can be utilized against the GST liability of the same month or next month? Contradictory Twitter Clarification Q. – RCM paid for July month in August. The credit of RCM is available for July month? A. – ITC of RCM would be available in return for July itself Q. – If tax on basis of RCM paid in next month, ITC claim in return in which month current or next? A. – ITC of RCM can be claimed in same month in which it is paid

Other Important Conditions
Credit not eligible for amount claimed as depreciation Credit to be reversed with interest if value + tax of goods / services not paid within 180 days Re-availment of credit after payment - no time limit Credit of a particular FY can be availed by 20 October of next FY or filing of annual return, whichever is earlier Analysis Concept of reversal of credit for non-payment of consideration and tax extended to goods Interest liability at the time of reversal Whether part credit permitted on part payment? Whether there will be a mismatch issue?

Wrong Availment of Credit
Wrong availment of credit but not utilized Erstwhile Regime GST Regime Interest was not applicable [Rule 14 of the Credit Rules] Interest applicable

Precautions Payment to Vendor within 180 Days
Any adjustment in Invoice shall be only through Debit / Credit Note Credit shall be availed after receipt of goods or service Documentary evidence (containing all the prescribed details) should be maintained

Snapshot - Availment of Credit
Pre conditions fulfilled Credit Not Eligible Availed within Time Limit* Credit lapsed Payment made within 180 days** Furnish detail of supply in Form GSTR-2 and reverse credit alongwith interest Payment made after 180 days Credit Available on Provisional Basis Taxable Supplies Exempt Supplies Both Full Credit No Credit Proport-ionate Credit No Yes Used for * Earlier of due date of filing of return for the month of September following the financial year in which invoice is received or filing of the relevant annual return ** Other than supplies on which tax is payable on reverse charge basis

Negative list of credits
Section 17

Negative List [S. 17(5)] Various exclusions to the definition of Input, Input service and Capital goods as per the CENVAT Rules introduced as blocked credits List of blocked credits (discussed in detail in ensuing slides) Sr. No. Particulars 1 Motor vehicles and conveyances except where used for supply of specified services 2 Services such as food & beverages, outdoor catering, beauty treatment, club membership, rent-a-cab 3 Works contract services used for provision of services other than the said service 4 Goods and services used for construction of an immovable property on own account 5 Supplies on which tax is paid under composition scheme 6 Goods and services received by non-resident person except imports 7 Goods lost, stolen, destroyed, written off or disposed as gifts or free samples 8 Goods and services used for personal consumption 9 Tax paid as per S. 74, 129, 130

Motor Vehicles and Conveyances [S. 17(5)(a)]
Credit not eligible on “Motor vehicles and other conveyances except when they are used–– (i) for making the following taxable supplies, namely:— further supply of such vehicles or conveyances ; or transportation of passengers; or imparting training on driving, flying, navigating such vehicles or conveyances; (ii) for transportation of goods;” Analysis The restriction under the definition of Capital goods provided in the erstwhile regime included in the negative list of supply Credit restriction in respect of motor vehicles continue Credit on motor vehicles eligible when used for transportation of goods, whether or not designed for such purpose

…Motor vehicles and conveyances [S. 17(5)(a)]
Definitions: Motor Vehicle Section 2(76) Motor vehicle shall have meaning as assigned to in under Motor Vehicles Act, 1988 Conveyance Section 2(34) Conveyance includes vessel, aircraft and vehicle Examples: Items Admissibility of ITC Reason Authorized dealer of motor vehicle or other conveyance Yes MV/conveyance used for making further supply of same Motor car used by supplier of taxi service MV/conveyance used for making service of transportation of passenger Truck used by manufacturer for giving delivery of goods MV/conveyance used for transportation of goods Taxable person in IT buys a motor vehicle for use of his Directors No Does not fall under any of the exception category

Specified Services (club membership, insurance, etc.) [S. 17(5)(b)]
Sr. No. Services not eligible for credit Exception where credit eligible 1 Food and beverages, outdoor catering, beauty treatment, health services, cosmetic and plastic surgery Where used for making an outward taxable supply of the same category of goods or services or both or As an element of a taxable composite or mixed supply (Ex: inward supply of food packets to airline. Packets are used for inflight catering which is considered as part of composite supply of air travel services) 2 Membership of a club, health and fitness centre - 3 Rent-a-cab, life insurance and health insurance Services notified by the Government to be obligatory for an employer to provide to its employees under any law Where used for making an outward taxable supply of the same category of goods or services or both or as an element of a taxable composite or mixed supply 4 Travel benefits extended to employees on vacation such as leave or home travel concession (Ex: ex-patriate employees)

Examples Items Admissibility of ITC Reason
Inward supply of foods and beverages to a supplier who is further supplying food & beverage Yes Inward supply being used for making outward taxable supply of same category of goods Inward supply of foods and beverages to a supplier providing restaurant services Inward supply used for making outward taxable supply of different category but as a element of taxable composite supply of restaurant Inward supply of outdoor catering to a manufacturing company for celebrating 25 years of success No Neither does the supply belong to the same category of good/services nor is an element of taxable composite/mixed supply

Works Contract Services [S. 17(5)(c)&(d)]
Credit not eligible on : (c)works contract services when supplied for construction of an immovable property (other than plant and machinery) except where it is an input service for further supply of works contract service; “Goods or services or both received by a taxable person for construction of an immovable property (other than plant or machinery) on his own account including when such goods or services or both are used in the course or furtherance of business” Impact Persons eligible for credit Persons not eligible for credit Developer engaged in sale of under construction properties Developers operating under lease model Civil contractors Other than developers For the purpose of Clause (c) and (d), “construction” includes re-construction, renovation additions or alterations or repairs, to the extent of capitalization, to the said immovable property

Other Negative List Items [S. 17(5)(e) to 17(5)(i)]
Goods or services or both on which tax has been paid under the composition scheme Goods or services or both received by a non-resident taxable person except on goods imported by him Goods or services or both used for personal consumption Goods lost, stolen, destroyed, written off or disposed of by way of gift or free samples (discussed in next slide) Any tax paid in accordance with the provisions of sections 74, and 130 Tax short / not paid or erroneously refunded due to fraud, etc. Amount paid for release of goods and conveyances in transit which are detained Fine paid in lieu of confiscation

Example Gifts / Free Samples Taxable Supply Not Taxable Supply
Related party* Others Taxable Supply (in terms of Schedule I) Not Taxable Supply Gifts shall qualify as inputs - ITC available Gifts shall not qualify as inputs - ITC not available * Gifts given to employees amounting less than INR 50,000 per year is a non-taxable supply and ITC shall not be eligible on the same

Apportionment of credit
Section 17 read with Rule 36, 37

Apportionment of Credits
Purpose Credit available Goods or Services or both Partly business and partly for other purpose Only as is attributable to the purpose of business [S. 17(1)] Partly for taxable supplies (incl. Zero rated supplies) and partly for exempt supplies Only as is attributable to the said taxable supplies (incl. zero rated supplies) [S. 17(2)] Value of exempt supplies shall be as may be prescribed and shall include supplies on which recipient is liable to pay tax on Reverse Charge Mechanism, transaction in securities, sale of land, sale of building post OC

Reversal of ITC on Inputs and Input services. [S. 17(1) and (2) r
Reversal of ITC on Inputs and Input services...[S. 17(1) and (2) r.w Rule 42] Step 1: Ascertain the common credit in respect of Inputs and Input services used for taxable as well as exempt supplies: Particulars Amount Total Input Tax on Inputs and Input services T Less: Input Tax on Input and Input services intended to be used exclusively for purpose other than business (T1) Less: Input Tax on Input and Input Services intended to be used exclusively for effecting exempt supplies (T2) Less: Input Tax on Inputs on which credit is not available u/s 17(5) (T3) Input Tax Credit credited to the Electronic Credit Ledger C1 Less: Input Tax attributable to inputs and input services used exclusively or in relation to business( Incl. zero rated supplies) (T4) Common Credit C2

Reversal of ITC on Inputs and Input services. [S. 17(1) and (2) r
...Reversal of ITC on Inputs and Input services...[S. 17(1) and (2) r.w Rule 42] Step 2: Amount of ITC attributable to exempted supplies (D1) shall be calculated as follows: D1 = (E/F)*C2 E is the aggregate of exempt supplies i.e. all supplies other than taxable and zero rated supplies during the tax period, and F is the total turnover of the registered person during the tax period Value of exempt supplies include: Supplies on which tax payable on reverse charge basis Value of land and building as adopted for the purpose of payment of Stamp duty 1% of the sale of security as the value of securities Step 3: If common Inputs and Input services are used partly for business and partly for non-business purpose, then compute the amount of credit attributable to non-business purpose (D2) as under: D2 = C2* 5% Step 4: ITC attributable to business purpose and taxable supplies to be computed as under: (C3) = C2 – (D1 + D2)

Reversal of ITC on Inputs and Input Services[S. 17(1) and (2) r
... Reversal of ITC on Inputs and Input Services[S. 17(1) and (2) r.w Rule 42] Year end adjustment Compute final ITC for the FY before filing the return for the month of September following the FY If final ITC reversal is more than month wise working Payment of tax + Interest (Sept) If final ITC reversal is less than month wise working Claim excess as credit (Sept)

Reversal of ITC on Capital Goods[S. 17(1) and (2) r.w Rule 43]
Capital goods exclusive for Exempt Supply Common Capital Goods Capital goods exclusive for Taxable Supply ITC available ITC not available Monthly ITC to be reversed Asset 1 ITC1 = Total ITC on A1/ 60 Credit to be reversed = (ITC1+ ITC2+ ITC3)*E/F Asset 2 ITC2 = Total ITC on A2 / 60 E - Total exempt turnover for the month F - Total turnover for the month Asset 3 ITC3 = Total ITC on A3 / 60

Avail credit and undertake reversal as per general provisions
Special provisions for banking and financial services sector [S. 17(4)] Banking companies or a financial institution including an NBFC shall exercise one of the following options during a financial year: Option A: Avail credit and undertake reversal as per general provisions Option B: Avail 50% of eligible ITC for Inputs, Input services and CG used for business purpose (excluding blocked ITC)* FORM GSTR 2 *Restriction of 50% shall not apply on following transaction between registered persons Supply made A Bank (Mumbai) A Bank (Bangalore) SIMILAR PAN

Availment of credit in special circumstances
Section 18 read with Rule 40, 41, 44

Event enabling availing of Credit
Availment of credit in special circumstances... [S. 18(1) and (2) r.w Rule 40] Event enabling availing of Credit Not liable for registration + Has been granted registration (Voluntary registration) Pays Tax under Composition Levy under GST; Subsequently, opts to pay tax u/s 9 Person is liable for registration under GST + Has applied for registration within 30 days + Has been granted registration Exempt supplies made by a registered person becomes Taxable Entitled to claim credit on: Inputs held in stock Inputs contained in semi-finished goods Finished goods in stock Entitled to claim credit on: Inputs held in stock Inputs contained in semi-finished goods Finished goods in stock Capital goods ( - 5% per quarter from date of invoice) Credit eligible only within 1 year from date of invoice

…Availment of credit in special circumstances. [S. 18(1) and (2) r
…Availment of credit in special circumstances... [S. 18(1) and (2) r.w Rule 40] Conditions for availment of such credits Sr. No. Condition 1 Filing of electronic declaration in Form GST ITC-01 within 30 days from becoming eligible to avail credit 2 Declaration to specify details of Inputs in stock / Capital goods on the day immediately preceding the day on which credit becomes eligible 3 Details as per 2 above to be certified by a CA or Cost Accountant if aggregate claim of CGST, SGST, IGST credit exceeds Rs. 2 lacs 4 Credit availed pursuant to opting out of composition or goods supplies becoming taxable eligible subject to matching of credits with details furnished by the supplier in FORM GSTR – 1 or FORM GSTR – 4 as the case may be

... Availment of credit in special circumstances – Issue [S. 18(2)]
Time limit for availment of credit in special circumstances Example: a person obtaining registration in the month of Oct. 2018 Does the general time limit of availing the credit up to September of the next Financial Year overrides the provision of one year applicable in special circumstances? If yes - Credit pertaining to Oct To March 2018 not eligible despite within 1 year limitation period - curtailment of credit eligibility Provision of Time limit of 1 year would be redundant Specific provisions of S. 18(2) General provisions of S. 16(4) No credit eligible after expiry of 1 year from the date of invoice Credit not eligible after due date of furnishing return for Sept. following the FY to which the invoice pertains

Reversal of credit in certain circumstances. [S. 18(4), (6) r
Reversal of credit in certain circumstances...[S. 18(4), (6) r.w Rule 44] Sr. No. Scenario Credit reversal 1 A registered person who has availed ITC opts to pay tax under composition Pay amount equal to: Credit on Inputs held in stock Credit of Inputs contained in semi-finished / finished goods stock Credit on Capital goods ( - 5% per quarter) The balance of ITC after such reversal /payment shall lapse 2 Where supplies of a registered person become fully exempt 3 Where registration is cancelled Pay amount equal to : Credit of Inputs contained in semi-finished / finished good stock Credit on Capital goods or P&M (- 5% per quarter) Or output tax payable on such goods, whichever is higher 4 Supply of CG or P&M on which ITC has been taken (except specified goods) Pay amount equal to higher of the following: Transaction value 5 Supply of refractory bricks, moulds, dies jigs, fixtures Pay amount equal to tax on Transaction Value (Irrespective of the same being capital goods)

Credit upon change in constitution of business [S. 18(3) r.w Rule 41]
ITC permitted to be transferred upon change in constitution on account of Sale; Merger; Amalgamation; Lease or Transfer of business with transfer of liabilities In case of demerger, ITC to be apportioned in the ratio of value of assets of new unit as per the demerger scheme Condition: The inputs and capital goods transferred shall be duly accounted for by the transferee in his books of accounts Procedure Furnish details of change in constitution in FORM GSTR ITC-02 Submit a copy of certificate issued by CA or Cost Accountant certifying that the change in constitution has been done Transferee shall accept the details so furnished by the transferor on the Common Portal

Input service Distributor
S. 20, 21 read with Rule 39

Credit distributed [S. 20 r.w. Rule 39]
State A State A IGST IGST ISD Same PAN CGST CGST Recipient Same PAN SGST SGST State A State B IGST IGST ISD Same PAN CGST IGST Recipient Same PAN SGST IGST

Manner of distribution of credit [S. 21 r.w. Rule 39]
Credit in hands of ISD in a month Pertaining to one recipient Pertaining to more than one recipient Pertaining to all recipients Distribute to the respective recipient Distribution on pro-rata basis on turnover of such units in a State to aggregate turnover of all recipients to whom such credit is attributable and which are operational during the current year Distribution on pro-rata basis on turnover of such unit in a State to aggregate turnover of all recipients and which are operational during the current year Turnover of previous FY to be considered, turnover of previous quarter to be considered in case some or all recipients do not have turnover in previous FY Turnover of a registered person engaged in supply of taxable and exempt goods include turnover as reduced by the tax or duty amount All details related to distribution of credit by ISD shall be included in FORM GSTR – 6

ISD Invoice Credit to be distributed under cover of ISD invoice containing the following details Details of ISD invoices to be furnished in monthly ISD return Form GSTR 6 Sr. No. Particulars 1 Name, address and GSTIN of the ISD 2 Consecutive serial number 3 Date of issue 4 Name, address and GSTIN of the recipient 5 Amount of credit distributed 6 Signature or digital signature of the ISD

Other Conditions for ISD
Credit is required to be distributed in the same month Credit distributed cannot be more than the available Credit Excess credit distributed to be recovered with interest and penalty Adjustments for excess/short credit distribution should be adjusted by way of debit / credit notes Ineligible credit is also required to be distributed under ISD - ISD shall raise sperate invoices for distribution of eligible credit/ ineligible credit

Job work S. 19 read with Rule 45

Job Work… Goods No supply, no GST Vendor Manufacturer Job worker
Delivery Challan Tax Invoice charging GST Vendor Manufacturer Job worker Return of goods after processing Inputs- 1 year Capital Goods – 3 years Manufacturer can avail ITC even if the goods are sent to job worker If the said goods are not received within the above mentioned time limit, manufacturer will have to reverse the said credit along with interest Credit can be re-claimed after receipt of goods

…Job Work Goods Job worker Vendor Manufacturer
Delivery Challan Vendor Job worker Tax Invoice Manufacturer Even though the goods are sent to the job worker directly, the manufacturer can avail ITC if the inputs/capital goods are received back within a period of 1 year and 3 years respectively Period of 1/3 years shall be counted from the date of receipt of inputs by the job worker

issues

Is builder registered in Maharashtra entitled to avail ITC of IGST?
Issues… Contract for property located in Rajasthan Raise Invoice along with IGST Builder (Maharashtra) Sub-Contractor (Maharashtra) Construction Site (Rajasthan) Is builder registered in Maharashtra entitled to avail ITC of IGST? * Place of supply with respect to construction activity – Location of Site (Rajasthan)

…Issues Sr. No Particulars I
Can there be difference between Electronic Credit Ledger and ITC ledger maintained by assessee (in say Tally or SAP etc). In case of difference, which one will prevail? II Whether 180 days condition is applicable for RCM and import of goods? - No III Whether ITC available on say Omni car and two wheelers, if used for food delivery by a restaurant? - No IV Whether ITC available on telephone / mobile expenses of: Directors Employees – Yes (to the extent of business activity) V In case of sale of flat, would undivided portion of land allotted to the customer be considered as an exempted service? Would the developer be required to reverse proportionate credit? VI In case of 10+1 scheme, would ITC be required to be reversed for 1 unit which is supplied FOC? VII Whether maintenance expenses incurred at office are eligible for credit? (as these are not directly related to manufacturing activity) VIII Erstwhile regime - CENVAT credit of inputs and input services was entitled to be availed within a period of 1 year from the date of invoice Introduction of GST – One time opportunity to claim ITC of Service tax / Excise duty in TRAN -1 Form

Transitional Issues TRANSITIONAL ISSUES
Carry forward of credit of Cess? Distribution of credit under erstwhile ISD Distribution of credit under centralized registration Credit of goods in stock purchased prior to 1 year

THANK YOU!

Disclaimer: The information provided in this presentation is intended for informational purposes only and does not constitute legal opinion or advice. Readers are requested to seek formal legal advice prior to acting upon any of the information provided herein. This presentation is not intended to address the circumstances of any particular individual or corporate body. There can be no assurance that the judicial/ quasi judicial authorities may not take a position contrary to the views mentioned herein.

Input tax credit- issues and precautions

Similar presentations

Presentation on theme: "Input tax credit- issues and precautions"— Presentation transcript:

Similar presentations

About project

Feedback

Log in

Auth with social network:

Input tax credit- issues and precautions

Similar presentations

Presentation on theme: "Input tax credit- issues and precautions"— Presentation transcript:

Similar presentations

About project

Feedback