Input Tax Credit CA Ankit Kanodia

Input Tax Credit CA Ankit Kanodia
GOODS & SERVICES TAX Input Tax Credit CA Ankit Kanodia

What is Input Tax Credit?
Input tax Credit means the Credit of CGST, SGST, IGST or UTGST charged on supply of goods or services or both made to a registered person, which can be utilised for payment of Output GST Liability. It also includes tax paid on reverse charge basis and IGST charged on import of goods. It does not include tax paid under composition levy. 11/9/2018 ITC_GST EIRC_ICAI

Eligibility, Documentary Requirements and Conditions for Availment of Input Tax Credit
Section 16 11/9/2018 ITC_GST EIRC_ICAI

Eligibility, Documentary Requirements and Conditions for Availment of Input Tax Credit
As per sub–section (1) of Section 16 of the CGST Act, every registered person will, subject to such conditions and restrictions as may be prescribed and in the manner specified in section 49, be entitled to take credit of input tax charged on any supply of goods or services or both to him which are used or intended to be used in the course or furtherance of his business and the said amount will be credited to the electronic credit ledger of such person. As per sub–section (2) of Section 16 of the CGST Act, notwithstanding anything contained in this section, no registered person will be entitled to the credit of any input tax in respect of any supply of goods or services or both to him unless he satisfies all the 4 conditions specified in the clauses to the said sub–section. Possession of Tax–paying Document Receipt of Goods or Services or Both Payment of Tax by Supplier / Recipient (Reverse Charge) Furnishing of Return by Recipient 11/9/2018 ITC_GST EIRC_ICAI

Possession of Tax–paying Document
As per clause (a) of sub–section (2) of Section 16 of the CGST Act read with sub–rule (1) of Rule 1 of the Input Tax Credit Rules, the input tax credit will be availed by a registered person, including the ISD, on the basis of possession of any of the following documents, namely:– an invoice issued by the supplier of goods or services or both in accordance with the provisions of section 31; a debit note issued by a supplier in accordance with the provisions of section 34; a bill of entry or any similar document prescribed under the Customs Act, 1962 or rules made thereunder for assessment of IGST on imports; an invoice issued by the registered person to himself, in case of reverse charge, in accordance with the provisions of clause (f) of sub–section (3) of section 31, subject to payment of tax; an ISD invoice or ISD credit note or any document issued by an Input Service Distributor, in accordance with the provisions of sub–rule (1) of Rule 9 of Revised Invoice Rules; 11/9/2018 ITC_GST EIRC_ICAI

Possession of Tax–paying Document
Further, as per sub–rule (2) of Rule 1 of the Input Tax Credit Rules, Input Tax Credit will be availed by a registered person only if – all the applicable particulars as prescribed in Chapter – VII (Tax Invoice, Credit and Debit Notes) and Revised Invoice Rules are contained in the said document, and the relevant information, as contained in the said document, is furnished in FORM GSTR–2 by such person. However, as per sub-rule (3) of Rule 1 of the Input Tax Credit Rules, no input tax credit will be availed by a registered person in respect of any tax that has been paid in pursuance of any order where any demand has been raised on account of any fraud, willful misstatement or suppression of facts. 11/9/2018 ITC_GST EIRC_ICAI

Receipt of Goods or Services or Both
As per clause (b) of sub–section (2) of Section 16 of the CGST Act, the registered person should have received the goods or services or both for being elligible to avail credit of input tax paid on inward supply of goods or services or both. For receipt of goods, the goods will be said to be received at the time of delivery to the registered taxable person. For receipt of services, it is expected that the receipt of services will be deemed to coincide with the receipt of invoice or the tax–paying document. As per the Proviso to sub–section (2) of Section 16 of the CGST Act, if the goods against a single invoice are received in lots or instalments, then the registered person will be entitled to take credit upon receipt of the last lot or instalment. 11/9/2018 ITC_GST EIRC_ICAI

Receipt of Goods or Services or Both
As per the Explanation to clause (b) of sub–section (2) of Section 16 of the CGST Act, for the purposes of this clause, it will be deemed that the registered person has received the goods if the goods are delivered by the supplier to a recipient or any other person on the direction of such registered person, whether acting as an agent or otherwise, before or during movement of goods, either by way of transfer of documents of title to goods or otherwise. Thus, in case of bill-to-ship-to sales where the registered person is the original buyer for such sales, if the intended final buyer has received the goods, then it will be deemed that the registered person has received the goods. 11/9/2018 ITC_GST EIRC_ICAI

Payment of Tax by Supplier / Recipient (Reverse Charge)
As per clause (c) of sub–section (2) of Section 16 of the CGST Act, subject to the provisions of section 41, the tax charged in respect of such supply should have been actually paid to the Government, for being elligible to avail credit of input tax paid. For supplies not subjected to reverse charge, the tax will have to be paid by the supplier, either in cash or through utilisation of input tax credit admissible in respect of the said supply, to be elligible to Input Tax Credit. For supplies subjected to reverse charge, the tax will have to be paid by the recipient himself in cash to be elligible to Input Tax Credit on such supply. 11/9/2018 ITC_GST EIRC_ICAI

Furnishing of Return by Recipient
As per clause (d) of sub–section (2) of Section 16 of the CGST Act, the registered person should have furnished the return under section 39 for being elligible to avail credit of input tax paid on inward supply of goods or services or both. 11/9/2018 ITC_GST EIRC_ICAI

As per sub–section (3) of Section 16 of the CGST Act, if the registered person has claimed depreciation on the tax component of the cost of capital goods and plant and machinery under the provisions of the Income–tax Act, 1961, then the input tax credit on the said tax component will not be allowed. Thus, the registered person will have to choose which benefit he wants to obtain – Credit under GST or Depreciation under Income Tax. 11/9/2018 ITC_GST EIRC_ICAI

As per sub–section (4) of Section 16 of the CGST Act, a registered person will not be entitled to avail / take input tax credit in respect of any invoice or debit note for supply of goods or services or both after the due date of furnishing of the return under section 39 for the month of September following the end of financial year to which such invoice or invoice relating to such debit note pertains or furnishing of the relevant annual return, whichever is earlier. Illustration: For the Financial Year 2018–19, depending on various dates for furnishing of September, 2019’s Monthly Return and 2018–19’s Annual Return, the last date for input tax credit in respect of any invoice or debit note for supply of goods or services or both received for every month in Financial Year 2018–19 will be as follows – 11/9/2018 ITC_GST EIRC_ICAI

Time Limit for Availment of Input Tax Credit
Due Date for furnishing of September, 2019’s Monthly Return Dates for furnishing 2018–19’s Annual Return Last Date for availing Input Tax Credit Month Time Limit (in months) 20th October, 2019 1st September, 2019 April–2018 16 May–2018 15 June–2018 14 July–2018 13 August–2018 12 September–2018 11 October–2018 10 November–2018 9 December–2018 8 January–2019 7 February–2019 6 March–2019 5 1st December, 2019 18 17 11/9/2018 ITC_GST EIRC_ICAI

Reversal of Input Tax Credit in case of Non–Payment of Consideration
As per the Second Proviso to sub–section (2) of Section 16 of the CGST Act read with sub–rule (1) and sub–rule (2) of Rule 2 of the Input Tax Credit Rules, - if any registered person, who has availed input tax credit on any inward supply of goods or services or both, other than the supplies on which tax is payable on reverse charge basis, fails to pay to the supplier the amount towards the value of supply along with tax payable thereon within a period of 180 days from the date of issue of invoice by the supplier, then the said recipient will furnish the details of such supply and the amount of input tax credit availed of in FORM GSTR–2 for the month immediately following the period of 180 days from the date of issue of invoice and the amount of input tax credit will be added to his output tax liability for the month in which such details are furnished. 11/9/2018 ITC_GST EIRC_ICAI

Further, as per the Second Proviso to sub–section (2) of Section 16 of the CGST Act read with sub–section (1) of section 50 of the CGST Act and sub–rule (3) of Rule 2 of the Input Tax Credit Rules, the registered person will also be liable to pay interest at such rate, not exceeding 18%, as may be notified by the Government on the recommendations of the Council, for the period starting from the date of availing credit on such supplies (i.e., the date of entry of invoice in books of accounts), till the date when the amount added to the output tax liability (i.e., the date of filing of GSTR–3 of the month in which the details of non–payment are given), as mentioned in sub–rule (2), is paid. 11/9/2018 ITC_GST EIRC_ICAI

As per the Third Proviso to sub–section (2) of Section 16 of the CGST Act, the recipient will be entitled to avail of the credit of input tax on payment made by him of the amount towards the value of supply of goods or services or both along with tax payable thereon. Further, as per sub–rule (4) of Rule 2 of the Input Tax Credit Rules, the time limit specified in sub-section (4) of section 16 will not apply to a claim for re-availing of any credit, in accordance with the provisions of the Act or these rules, that had been reversed earlier. 11/9/2018 ITC_GST EIRC_ICAI

Illustration: ABC Ltd received a service of Rs 100,000, on which IGST charged was Rs 12,000, for which the invoice was raised by the supplier – XYZ Ltd on 21st April, 2018 and ABC Ltd recorded the same on 21st April, 2018 itself and availed the credit for the same in April, 2018’s GSTR–2. However, ABC Ltd failed to pay to XYZ Ltd by 18th October, Hence, ABC Ltd will have to furnish the details of such service received and the amount of input tax credit of IGST of Rs 12,000 availed in the October, 2018’s GSTR–2, which he filed on 15th November, 2018 and an amount of Rs 12,000 will be added in ABC Ltd’s output tax liability in October, 2018’s GSTR–3 as IGST Payable, which he filed on 19th November, 2018, alongwith total payment of tax and other liabilities. Further, ABC Ltd will also have to pay interest on Rs 12,000 for the period beginning from 21st April, 2018 to 19th November, Now, ABC Ltd paid the entire amount of Rs 112,000 on 11th December, Accordingly, ABC Ltd will be able to avail Input Tax Credit of Rs 12,000 in December, 2018’s GSTR–2. 11/9/2018 ITC_GST EIRC_ICAI

Utilization of Input Tax Credit Against Output Tax Liability
Input Tax Credit Available in respect of Order of Set–off Set–off against Output Tax Liability IGST 1st 2nd CGST 3rd SGST Disallowed Compensation Cess 11/9/2018 ITC_GST EIRC_ICAI

Inputs and Input Services Inelligible for Input Tax Credit
Section 17 (5) 11/9/2018 ITC_GST EIRC_ICAI

Exceptions Motor vehicles and other conveyances If used for – transportation of goods making the following taxable supplies – further supply of such vehicles or conveyances; or transportation of passengers; or imparting training on driving, flying, navigating such vehicles or conveyances. 11/9/2018 ITC_GST EIRC_ICAI

Exceptions Food and beverages, outdoor catering, beauty treatment, health services, cosmetic and plastic surgery If an inward supply of goods or services or both of a particular category is used by a registered person 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 Rent–a–cab, life insurance, health insurance If – the Government notifies the services which are obligatory for an employer to provide to its employees under any law for the time being in force; or such inward supply of goods or services or both of a particular category is used by a registered person for making an outward taxable supply of the same category of goods or services or both or as part of a taxable composite or mixed supply. 11/9/2018 ITC_GST EIRC_ICAI

Exceptions Works contract services when supplied for construction (including re–construction, renovation, additions or alterations or repairs, to the extent of capitalisation, to the said immovable property) of an immovable property If – the immovable property constructed is a plant and machinery, and/or it is an input service for further supply of works contract service. Goods or services or both received by a taxable person for construction (including re–construction, renovation, additions or alterations or repairs, to the extent of capitalisation, to the said immovable property) of an immovable property (other than plant or machinery) on his own account, including when such goods or services or both are used in course or furtherance of business If the immovable property constructed is a plant or machinery 11/9/2018 ITC_GST EIRC_ICAI

Exceptions Goods or services or both received by a non–resident taxable person Goods imported by non–resident taxable person Membership of a club, health and fitness centre No Exceptions Travel benefits extended to employees on vacation such as leave or home travel concession 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 Any tax paid in accordance with the provisions of sections 74, 129 and 130 Goods or services or both on which tax has been paid under section 10 11/9/2018 ITC_GST EIRC_ICAI

Reversal of Input Tax Credit for Non-Business Use and Exempt Supplies
Section 17 (1) & 17 (2) 11/9/2018 ITC_GST EIRC_ICAI

As per sub–section (1) of Section 17 of the CGST Act, if the goods or services or both are used by the registered person – partly for the purpose of any business purpose and partly for other purposes, then the amount of credit will be restricted to so much of the input tax as is attributable to business purposes. Further, as per sub–section (2) of Section 17 of the CGST Act, if the goods or services or both are used by the registered person – partly for effecting taxable supplies including zero–rated supplies under this Act or under the IGST Act and partly for effecting exempt supplies under the said Acts, then the amount of credit will be restricted to so much of the input tax as is attributable to the said taxable supplies including zero–rated supplies. 11/9/2018 ITC_GST EIRC_ICAI

As per sub–section (3) of Section 17 of the CGST Act, the value of exempt supply under sub–section (2) will be such as may be prescribed, and will include supplies on which the recipient is liable to pay tax on reverse charge basis, transactions in securities, sale of land and, subject to clause (b) of paragraph 5 of Schedule II, sale of building. As per the Explanation to the Input Tax Credit Rules, for the purposes of this Chapter, for determining the value of an exempt supply as referred to in sub–section (3) of section 17:– the value of land and building will be taken as the same as adopted for the purpose of paying stamp duty; and the value of security will be taken as 1% of the sale value of such security. As per sub–section (6) of Section 17 of the CGST Act, the Government will prescribe the manner in which the credit referred to in sub–sections (1) and (2) will be attributed, which has been currently prescribed in Rule 7 and Rule 8 of Input Tax Credit Rules. 11/9/2018 ITC_GST EIRC_ICAI

As per sub–rule (1) of Rule 7 of the Input Tax Credit Rules, the input tax credit in respect of inputs or input services, which attract the provisions of sub–sections (1) or (2) of section 17, being partly used for the purposes of business and partly for other purposes, or partly used for effecting taxable supplies including zero rated supplies and partly for effecting exempted supplies, will be attributed to the purposes of business or for effecting taxable supplies in the following manner, namely,– 11/9/2018 ITC_GST EIRC_ICAI

total input tax involved on inputs and input services in a tax period, be denoted as ‘T’; the amount of input tax, out of ‘T’, attributable to inputs and input services intended to be used exclusively for purposes other than business, be denoted as ‘T1’; the amount of input tax, out of ‘T’, attributable to inputs and input services intended to be used exclusively for effecting exempt supplies, be denoted as ‘T2’; the amount of input tax, out of ‘T’, in respect of inputs on which credit is not available under sub–section (5) of section 17, be denoted as ‘T3’; 11/9/2018 ITC_GST EIRC_ICAI

the amount of input tax credit credited to the electronic credit ledger of registered person, be denoted as ‘C1’ and calculated as: C1 = T– (T1+T2+T3) the amount of input tax credit attributable to inputs and input services used exclusively in or in relation to supplies other than exempted supplies but including zero rated supplies, be denoted as ‘T4’; ‘T1’, ‘T2’, ‘T3’ and ‘T4’ will be determined and declared by the registered person at the invoice level in FORM GSTR–2; Input tax credit left after attribution of input tax credit under clause (g) will be called common credit, be denoted as ‘C2’ and calculated as: C2 = C1– T4 11/9/2018 ITC_GST EIRC_ICAI

The amount of input tax credit attributable towards exempt supplies, be denoted as ‘D1’ and calculated as: D1= (E÷F) × C2 where, ‘E’ is the aggregate value of exempt supplies, that is, 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: Provided that where the registered person does not have any turnover during the said tax period or the aforesaid information is not available, the value of ‘E/F’ will calculated by taking values of ‘E’ and ‘F’ of the last tax period for which details of such turnover are available, previous to the month during which the said value of ‘E/F’ is to calculated; 11/9/2018 ITC_GST EIRC_ICAI

the amount of credit attributable to non–business purposes if common inputs and input services are used partly for business and partly for non–business purposes, be denoted as ‘D2’, and will be equal to 5% of C2; and the remainder of the common credit will be the eligible input tax credit attributed to the purposes of business and for effecting supplies other than exempted supplies but including zero rated supplies and will be denoted as ‘C3’, where,– C3 = C2 – (D1+D2) The amount ‘C3’ will be computed separately for input tax credit of CGST, SGST, UTGST and IGST; The amount equal to ‘D1’ and ‘D2’ will be added to the output tax liability of the registered person: 11/9/2018 ITC_GST EIRC_ICAI

Provided that if the amount of input tax relating to inputs or input services which have been used partly for purposes other than business and partly for effecting exempt supplies has been identified and segregated at invoice level by the registered person, then the same will be included in ‘T1’ and ‘T2’ respectively, and the remaining amount of credit on such input or input services will be included in ‘T4’. 11/9/2018 ITC_GST EIRC_ICAI

As per sub–rule (2) of Rule 7 of the Input Tax Credit Rules, the input tax credit determined under sub–rule (1) will be calculated finally for the financial year before the due date for filing the return for the month of September following the end of the financial year to which such credit relates, in the manner prescribed in the said sub–rule and, if the aggregate of the amounts determined under sub–rule (1) in respect of ‘D1’ and ‘D2’ exceeds the aggregate of the amounts calculated finally in respect of ‘D1’ and ‘D2’ such excess amount will be claimed as credit by the registered person in his return for a month not later than the month of September following the end of the financial year to which such credit relates. if the aggregate of the amounts calculated finally in respect of ‘D1’ and ‘D2’ exceeds the aggregate of the amounts determined under sub–rule (1) in respect of ‘D1’ and ‘D2’, such excess will be added to the output tax liability of the registered person for a month not later than the month of September following the end of the financial year to which such credit relates and the said person will be liable to pay interest on the said excess amount at the rate specified in sub–section (1) of section 50 for the period starting from first day of April of the succeeding financial year till the date of payment; or 11/9/2018 ITC_GST EIRC_ICAI

Illustration: Mr Vipul Gupta is manufacturer and supplier of taxable good – “X” and exempt good – “Y” and he is registered under GST in West Bengal. During the month December, 2017, his total turnover was Rs 50 lakh, out of which taxable turnover (including zero–rated supplies) was Rs 30 lakh and the exempted turnover was Rs 20 lakh. During the said month he received inputs and input services amounting to Rs 16 lakh, excluding the Input Tax paid amounting to Rs 2 lakh details of which are available as follows – Particulars CGST IGST SGST TOTAL Amount of input tax attributable to inputs and input services intended to be used exclusively for purposes other than business 3,500 6,000 16,000 Amount of input tax attributable to inputs and input services intended to be used exclusively for effecting exempt supplies, including supplies for which the recipient is liable to pay GST on reverse charge 2,500 4,000 12,000 Amount of input tax in respect of inputs on which credit is not available under sub–section (5) of section 17 10,000 18,000 Amount of input tax credit attributable to inputs and input services used exclusively in or in relation to taxable supplies including zero rated supplies 5,000 20,000 24,000 Input tax credit left after attribution of input tax credit as above, called common credit 35,000 60,000 1,30,000 Total Input Tax involved on Inputs and Input Services in December, 2017 50,000 1,00,000 2,00,000 11/9/2018 ITC_GST EIRC_ICAI

Now, based on Rule 7 of Input Tax Credit Rules, the input Tax Credit elligible to Mr Gupta will be as follows – Particulars Notation CGST IGST SGST TOTAL Total Input Tax involved T 50,000 1,00,000 2,00,000 Input Tax attributable to inputs and input services used exclusively for purposes other than business T1 3,500 6,000 13,000 Input Tax attributable to inputs and input services used exclusively for effecting exempt supplies, including supplies for which the recipient is liable to pay GST on reverse charge T2 2,500 4,000 9,000 Input Tax in respect of inputs and input services on which credit is not available under sub–section (5) of section 17 T3 10,000 18,000 Input Tax Credit credited to the Electronic Credit Ledger C1 = T – (T1 + T2 + T3) 40,000 80,000 1,60,000 Input Tax Credit attributable to inputs and input services used exclusively in or in relation to taxable supplies including zero—rated supplies T4 5,000 20,000 30,000 Input Tax Credit left after attribution called Common Credit C2 = C1 – T4 35,000 60,000 1,30,000 Aggregate Value of Exempt Supplies, i.e., all Supplies other than Taxable and Zero—Rated Supplies E 20,00,000 Total Turnover F 50,00,000 11/9/2018 ITC_GST EIRC_ICAI

Particulars Notation CGST IGST SGST TOTAL Input Tax Credit attributable towards Exempt Supplies D1 = C2 * E / F 14,000 24,000 52,000 Credit attributable to Non–Business purposes if common inputs and input services are used partly for business and partly for non–business purposes D2 = C2 * 5% 1,750 3,000 6,500 Amount to be added to the Output Tax Liability D1 + D2 15,750 27,000 58,500 Eligible Input Tax Credit attributed to the purposes of business and for effecting taxable supplies including zero—rated supplies C3 = C2 – (D1 + D2) 19,250 33,000 71,500 Net Input Tax Credit Elligible T4 + C3 24,250 53,000 101,500 Net Input Tax Credit Inelligible T1 + T2 + T3 + D1 + D2 25,750 47,000 98,500 11/9/2018 ITC_GST EIRC_ICAI

As per sub–rule (1) of Rule 8 of the Input Tax Credit Rules, subject to the provisions of sub–section (3) of section 16, the input tax credit in respect of capital goods, which attract the provisions of sub–sections (1) and (2) of section 17, being – partly used for the purposes of business and partly for other purposes, or partly used for effecting taxable supplies including zero rated supplies and partly for effecting exempt supplies, will be attributed to the purposes of business or for effecting taxable supplies in the following manner, namely,– 11/9/2018 ITC_GST EIRC_ICAI

the amount of input tax in respect of capital goods used or intended to be used exclusively for non–business purposes or used or intended to be used exclusively for effecting exempt supplies will be indicated in FORM GSTR–2 and will not be credited to his electronic credit ledger; the amount of input tax in respect of capital goods used or intended to be used exclusively for effecting taxable supplies including zero–rated supplies will be indicated in FORM GSTR–2 and will be credited to the electronic credit ledger; the amount of input tax in respect of capital goods not covered under clauses (a) and (b), denoted as ‘A’, will be credited to the electronic credit ledger and the useful life of such goods will be taken as 5 years: Provided that if any capital goods earlier covered under clause (a) is subsequently covered under this clause, the value of ‘A’ will be arrived at by reducing the input tax at the rate of 5% for every quarter or part thereof and the amount ‘A’ will be credited to the electronic credit ledger; 11/9/2018 ITC_GST EIRC_ICAI

the aggregate of the amounts of ‘A’ credited to the electronic credit ledger under clause (c), to be denoted as ‘Tc’, will be the common credit in respect of capital goods for a tax period: Provided that if any capital goods earlier covered under clause (b) is subsequently covered under this clause, the value of ‘A’ arrived at by reducing the input tax at the rate of 5% for every quarter or part thereof will be added to the aggregate value ‘Tc’; the amount of input tax credit attributable to a tax period on common capital goods during their residual life, be denoted as ‘Tm’ and calculated as:– Tm= Tc÷60 the amount of input tax credit, at the beginning of a tax period, on all common capital goods whose residual life remains during the tax period, be denoted as ‘Tr’ and will be the aggregate of ‘Tm’ for all such capital goods. 11/9/2018 ITC_GST EIRC_ICAI

the amount of common credit attributable towards exempted supplies, be denoted as ‘Te’, and calculated as: Te= (E÷ F) x Tr where, ‘E’ is the aggregate value of exempt supplies, that is, 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: Provided that if the registered person does not have any turnover during the said tax period or the aforesaid information is not available, then the value of ‘E/F’ calculated by taking values of ‘E’ and ‘F’ of the last tax period for which details of such turnover are available, previous to the month during which the said value of ‘E/F’ is to calculated; 11/9/2018 ITC_GST EIRC_ICAI

the amount Te along with applicable interest will, during every tax period of the residual life of the concerned capital goods, be added to the output tax liability of the person making such claim of credit. As per sub–rule (2) of Rule 8 of Input Tax Credit Rules, the amount Te will be computed separately for CGST, SGST, UTGST and IGST. 11/9/2018 ITC_GST EIRC_ICAI

Reversal of Input Tax Credit by Banking Company / Financial Institutions / NBFC

As per sub–section (4) of Section 17 of the CGST Bill, a banking company or a financial institution including a non– banking financial company, engaged in supplying services by way of accepting deposits, extending loans or advances will have an option to, instead of complying with the provisions of sub–section (2), avail of, every month, an amount equal to 50% of the eligible input tax credit on inputs, capital goods and input services in that month and the rest will lapse. As per the First Proviso to sub–section (4) of Section 17 of the CGST Bill, the option once exercised will not be withdrawn during the remaining part of the financial year. As per the Second Proviso to sub–section (4) of Section 17 of the CGST Bill, the restriction of 50% will not apply to the tax paid on supplies made by one registered person to another registered person having the same PAN, i.e., tax paid on inter–state branch transfer of goods or services or both. 11/9/2018 ITC_GST EIRC_ICAI

As per Rule 3 of the Input Tax Credit Rules, a banking company or a financial institution, including a non–banking financial company, engaged in supply of services by way of accepting deposits or extending loans or advances that chooses not to comply with the provisions of sub–section (2) of section 17, in accordance with the option permitted under sub–section (4) of that section, will follow the procedure specified below – the said company or institution will not avail the credit of tax paid on inputs and input services that are used for non– business purposes and the credit attributable to supplies specified in sub–section (5) of section 17, in FORM GSTR–2; the said company or institution will avail the full credit of tax paid on inputs and input services supplied by another registered person having the same PAN as the said company or institution and not covered above; 50% of the remaining input tax will be the input tax credit admissible to the company or the institution and will be furnished in FORM GSTR–2; the amount referred to in clauses (b) and (c) will, subject to the provisions of sections 41, 42 and 43, be credited to the electronic credit ledger of the said company or the institution. 11/9/2018 ITC_GST EIRC_ICAI

Illustration: ABC Bank, a banking company registered under GST in West Bengal only. During the month December, 2017, ABC Bank received inputs and input services amounting to Rs Rs 50 crore, excluding the Input Tax paid amounting to Rs 5 crore details of which are provided in the table below alongwith details of the amount of credit available available as follows – Particulars % of Credit Available Amount (in Rs lakhs) PAID ADMISSIBLE CGST IGST SGST TOTAL Credit of tax paid on inputs and input services that are used for non–business purposes 0% 35 60 130 – Credit attributable to supplies specified in sub–section (5) of section 17 25 70 120 Credit of tax paid on inputs and input services supplied by another registered person having the same PAN and not covered above 100% 40 100 180 Input tax admissible, remaining after attribution of input tax credit as above 50% 20 30 10 15 Total Input Tax 260 500 50 115 215 11/9/2018 ITC_GST EIRC_ICAI

Claiming Credit in Special Circumstances

Persons Elligible Entitled to take Credit of Input Tax in respect of On the day immediately preceding Person has applied for registration within 30 days from the date on which he becomes liable to registration and has been granted such registration inputs held in stock and inputs contained in semi–finished or finished goods held in stock date from which he becomes liable to pay tax under the provisions of this Act Person who takes Voluntary Registration date of grant of registration Registered Person ceases to pay tax under Composition Scheme inputs held in stock, inputs contained in semi–finished or finished goods held in stock and on capital goods date from which he becomes liable to pay tax under normal provisions An Exempt Supply of goods or services or both by a registered person becomes a Taxable Supply inputs held in stock and inputs contained in semi–finished or finished goods held in stock relatable to such exempt supply and on capital goods exclusively used for such exempt supply date from which such supply becomes taxable 11/9/2018 ITC_GST EIRC_ICAI

As per sub–section (2) of Section 18 of the CGST Bill, a registered person will not be entitled to take input tax credit under sub–section (1) in respect of any supply of goods or services or both to him after the expiry of 1 year from the date of issue of tax invoice relating to such supply. As per sub–section (5) of Section 18 of the CGST Bill, the amount of credit under sub–section (1) will be calculated in manner prescribed by Rule 5 of the Input Tax Credit Rules. 11/9/2018 ITC_GST EIRC_ICAI

As per Rule 5 of the Input Tax Credit Rules, Input Tax Credit claimed in accordance with the provisions of sub–section (1) of section 18 on the inputs lying in stock or inputs contained in semi–finished or finished goods lying in stock, or the credit claimed on capital goods in accordance with the provisions of clauses (c) and (d) of the said sub–section, will be subject to the following conditions – The input tax credit on capital goods, in terms of clauses (c) and (d) of sub–section (1) of section 18, will be claimed after reducing the tax paid on such capital goods by 5% per quarter of a year or part thereof from the date of invoice or such other documents on which the capital goods were received by the taxable person. The registered person will within 30 days from the date of his becoming eligible to avail of input tax credit under sub–section (1) of section 18 will make a declaration, electronically, on the Common Portal in FORM GST ITC–01 to the effect that he is eligible to avail of input tax credit as aforesaid; 11/9/2018 ITC_GST EIRC_ICAI

The declaration under clause (b) will clearly specify the details relating to the inputs lying in stock or inputs contained in semi–finished or finished goods lying in stock, or as the case may be, capital goods on the day immediately preceding – the date from which he becomes liable to pay tax under the provisions of this Act, in the case of a claim under clause (a) of sub–section (1) of Section 18, the date of grant of registration, in the case of a claim under clause (b) of sub–section (1) of Section 18, the date from which he becomes liable to pay tax under section 9, in the case of a claim under clause (c) of sub–section (1) of Section 18, the date from which supplies made by the registered person becomes taxable, in the case of a claim under clause (d) of sub–section (1) of Section 18. 11/9/2018 ITC_GST EIRC_ICAI

The details furnished in the declaration under clause (c) will be duly certified by a practicing chartered account or cost accountant if the aggregate value of claim on account of CGST, SGST and IGST exceeds Rs 2 lakh. The input tax credit claimed in accordance with clauses (c) and (d) of sub–section (1) of section 18 will be verified with the corresponding details furnished by the corresponding supplier in FORM GSTR–1 or as the case may be, in FORM GSTR– 4, on the Common Portal. 11/9/2018 ITC_GST EIRC_ICAI

Transfer of credit on sale, merger, amalgamation, lease or transfer of a business

As per sub–section (3) of Section 18, if there is a change in the constitution of any registered person on account of sale, merger, demerger, amalgamation, lease or transfer of the business with the specific provisions for transfer of liabilities, then the said registered person will be allowed to transfer the input tax credit which remains unutilised in his electronic credit ledger to such sold, merged, demerged, amalgamated, leased or transferred business in the manner prescribed in Rule 6 of the Input Tax Credit Rules. 11/9/2018 ITC_GST EIRC_ICAI

As per sub–rule (1) and sub–rule (2) of Rule 6 of the Input Tax Credit Rules, a registered person, on sale, merger, de–merger, amalgamation, lease or transfer or change in ownership of business for any reason, who is the transferor in such sale, merger, de–merger, amalgamation, lease or transfer, will – furnish the details of such sale, merger, de–merger, amalgamation, lease or transfer of business, in FORM GST ITC–02 electronically on the Common Portal along with a request to transfer the unutilized input tax credit lying in his electronic credit ledger to the transferee, and submit a copy of a certificate issued by a practicing chartered account or cost accountant certifying that the sale, merger, de–merger, amalgamation, lease or transfer of business has been done with a specific provision for transfer of liabilities. 11/9/2018 ITC_GST EIRC_ICAI

As per sub–rule (3) and sub–rule (4) of Rule 6 of the Input Tax Credit Rules, the transferee will – accept the details so furnished by the transferor, on the Common Portal, and, upon such acceptance, the un– utilized credit specified in FORM GST ITC–02 will be credited to his electronic credit ledger, and duly account the inputs and capital goods so transferred in his books of account. As per the Proviso to sub–rule (1) of Rule 6 of the Input Tax Credit Rules, in the case of demerger, the input tax credit will be apportioned in the ratio of the value of assets of the new units as specified in the demerger scheme. 11/9/2018 ITC_GST EIRC_ICAI

Illustration: AB & Co, a firm registered under GST in the State of West Bengal, sold its entire business to CD Ltd, a company registered under GST in the State of West Bengal, alongwith transfer of all liabilities of AB & Co to CD Ltd on 15th December, 2017. On 15th December, 2017, AB & Co was having an unutilized Input Tax Credit balance of Rs 2.4 lakh in its books. Similarly, AB & Co was also having inputs of Rs 2 lakh and capital goods of Rs 20 lakh in its books. Accordingly, AB & Co will furnish the details of such sale of business to CD Ltd in FORM GST ITC–02 electronically on the Common Portal along with a request to transfer the unutilized input tax credit of Rs 2.4 lakh lying in his electronic credit ledger to CD Ltd alongwith a copy of a certificate issued by a practicing chartered account or cost accountant certifying that the sale of business has been done with a specific provision for transfer of liabilities. In the next step, CD Ltd will have to record the inputs of Rs 2 lakh and capital goods of Rs 20 lakh in its books and will have to accept the details so furnished by AB & Co, on the Common Portal, and, upon such acceptance, the un–utilized credit of Rs 2.4 lakh specified in FORM GST ITC–02 will be credited to his electronic credit ledger. 11/9/2018 ITC_GST EIRC_ICAI

Reversal of Credit under Special Circumstances

As per sub–section (4) of Section 18 of the CGST Act, if any registered person who has availed of input tax credit opts to pay tax under section 10 or, the goods or services or both supplied by any registered person becomes wholly exempt, then such registered person will pay an amount, calculated in manner prescribed by Rule 9 of the Input Tax Credit Rules equivalent to the credit of input tax in respect of – inputs held in stock and inputs contained in semi–finished held in stock or finished goods held in stock and capital goods, reduced by such percentage points as may be prescribed, on the day immediately preceding the date of exercising of such option or, as the case may be, the date of such exemption, by way of debit in the electronic credit ledger or electronic cash ledger. 11/9/2018 ITC_GST EIRC_ICAI

As per sub–rule (1) of Rule 9 of the Input Tax Credit Rules, the amount of input tax credit, relating to inputs lying in stock, inputs contained in semi–finished and finished goods lying in stock, and capital goods lying in stock, for the purposes of sub–section (4) of section 18, will be determined in the following manner namely,– For inputs lying in stock, and inputs contained in semi–finished and finished goods lying in stock, the input tax credit will be calculated proportionately on the basis of corresponding invoices on which credit had been availed by the registered taxable person on such input. For capital goods lying in stock the input tax credit involved in the remaining residual life in months will be computed on pro–rata basis, taking the residual life as 5 years; 11/9/2018 ITC_GST EIRC_ICAI

As per sub–rule (2) of Rule 9 of the Input Tax Credit Rules, the amount, as prescribed in sub–rule (1) will be determined separately for input tax credit of IGST, CGST, SGST or UTGST. As per sub–rule (3) and sub–rule (5) of Rule 9 of the Input Tax Credit Rules, if the tax invoices related to the inputs lying in stock are not available, then the registered person will estimate the amount under sub–rule (1) based on the prevailing market price of goods on the effective date of occurrence of any of the events specified in sub–section (4) of section 18 and the same will be duly certified by a practicing chartered accountant or cost accountant. As per sub–rule (4) of Rule 9 of the Input Tax Credit Rules, the amount determined under sub–rule (1) will form part of the output tax liability of the registered person and the details of the amount will be furnished in FORM GST ITC–03. As per the Proviso to sub–section (4) of Section 18, after payment of such amount, the balance of input tax credit, if any, lying in his electronic credit ledger will lapse. 11/9/2018 ITC_GST EIRC_ICAI

Manner of Distribution of Credit by ISD
Section 20 11/9/2018 ITC_GST EIRC_ICAI

As per sub–section (1) of Section 20 of the CGST Act, the ISD will distribute the credit of CGST as CGST or IGST and IGST as IGST or CGST, by way of issue of a document containing the amount of input tax credit being distributed in such manner as may be prescribed. As per sub–section (2) of Section 20 of the CGST Act, the ISD may distribute the credit subject to the following conditions, namely:– the credit can be distributed to the recipients of credit against a document containing such details as may be prescribed; the amount of the credit distributed will not exceed the amount of credit available for distribution; the credit of tax paid on input services attributable to a recipient of credit will be distributed only to that recipient; 11/9/2018 ITC_GST EIRC_ICAI

As per sub–section (2) of Section 20 of the CGST Act, the ISD may distribute the credit subject to the following conditions, namely:– the credit of tax paid on input services attributable to more than one recipient of credit will be distributed amongst such recipients to whom the input service is attributable and such distribution will be pro rata on the basis of the turnover in a State or turnover in a Union territory of such recipient, during the relevant period, to the aggregate of the turnover of all such recipients to whom such input service is attributable and which are operational in the current year, during the said relevant period; the credit of tax paid on input services attributable to all recipients of credit will be distributed amongst such recipients and such distribution will be pro rata on the basis of the turnover in a State or turnover in a Union territory of such recipient, during the relevant period, to the aggregate of the turnover of all recipients and which are operational in the current year, during the said relevant period. 11/9/2018 ITC_GST EIRC_ICAI

As per the Explanation to sub–section (1) of Section 20 of the CGST Act, for the purposes of this section,– the “relevant period” will be– if the recipients of credit have turnover in their States or Union territories in the financial year preceding the year during which credit is to be distributed, the said financial year; or if some or all recipients of the credit do not have any turnover in their States or Union territories in the financial year preceding the year during which the credit is to be distributed, the last quarter for which details of such turnover of all the recipients are available, previous to the month during which credit is to be distributed; 11/9/2018 ITC_GST EIRC_ICAI

As per the Explanation to sub–section (1) of Section 20 of the CGST Act, for the purposes of this section,– the expression “recipient of credit” means the supplier of goods or services or both having the same PAN as that of the ISD; the term ‘turnover’, in relation to any registered person engaged in the supply of taxable goods as well as goods not taxable under this Act, means the value of turnover, reduced by the amount of any duty or tax levied under entry 84 of List I (Union List) of the Seventh Schedule to the Constitution and entry 51 and 54 of List II (State List) of the said Schedule. 11/9/2018 ITC_GST EIRC_ICAI

As per sub–rule (1) of Rule 4 of the Input Tax Credit Rules, an ISD will distribute input tax credit in the manner and subject to the conditions specified below– the input tax credit available for distribution in a month will be distributed in the same month and the details thereof will be furnished in FORM GSTR–6 in accordance with the provisions of Section 39 and the Revised Invoice Rules; the ISD will, in accordance with the provisions of clause (d), separately distribute the amount in–eligible as input tax credit under the provisions of sub–section (5) of section 17 and the amount of eligible input tax credit; the input tax credit on account of CGST, SGST, UTGST and IGST will be distributed separately in accordance with the provisions of clause (d); 11/9/2018 ITC_GST EIRC_ICAI

As per sub–rule (1) of Rule 4 of the Input Tax Credit Rules, an ISD will distribute input tax credit in the manner and subject to the conditions specified below– the input tax credit that is required to be distributed in accordance with the provisions of clause (d) and (e) of sub–section (2) of section 20 to one of the recipients ‘R1’, whether registered or not, from amongst the total of all the recipients to whom input tax credit is attributable, including the recipient(s) who are engaged in making exempt supply, or are otherwise not registered for any reason, will be the amount, “C1”, to be calculated by applying the following formula:– C1 = (t1÷T) × C where, “C” is the amount of credit to be distributed, “t1” is the turnover, as referred to in section 20, of person R1 during the relevant period, and “T” is the aggregate of the turnover of all recipients during the relevant period; 11/9/2018 ITC_GST EIRC_ICAI

As per sub–rule (1) of Rule 4 of the Input Tax Credit Rules, an ISD will distribute input tax credit in the manner and subject to the conditions specified below– the input tax credit on account of IGST will be distributed as input tax credit of IGST to every recipient; the input tax credit on account of CGST and SGST will,— in respect of a recipient located in the same State or Union territory in which the ISD is located, be distributed as input tax credit of CGST and SGST or UTGST respectively; in respect of a recipient located in a State or Union territory other than that of the ISD, be distributed as IGST and the amount to be so distributed will be equal to the aggregate of the amount of input tax credit of CGST and SGST or UTGST that qualifies for distribution to such recipient in accordance with clause (d); 11/9/2018 ITC_GST EIRC_ICAI

As per sub–rule (1) of Rule 4 of the Input Tax Credit Rules, an ISD will distribute input tax credit in the manner and subject to the conditions specified below– The ISD will issue an ISD invoice, as prescribed in sub–rule (1) of Rule 9 of the Revised Invoice Rules, clearly indicating in such invoice that it is issued only for distribution of input tax credit. The ISD will issue an ISD credit note, as prescribed in sub–rule (1) of Rule 9 of the Revised Invoice Rules, for reduction of credit in case the input tax credit already distributed gets reduced for any reason. Any additional amount of input tax credit on account of issuance of a debit note to an ISD by the supplier will be distributed in the manner and subject to the conditions specified in clauses (a) to (g) and the amount attributable to any recipient will be calculated in the manner provided in clause (d) above and such credit will be distributed in the month in which the debit note has been included in the return in FORM GSTR–6. 11/9/2018 ITC_GST EIRC_ICAI

As per sub–rule (1) of Rule 4 of the Input Tax Credit Rules, an ISD will distribute input tax credit in the manner and subject to the conditions specified below– Any input tax credit required to be reduced on account of issuance of a credit note to the ISD by the supplier will be apportioned to each recipient in the same ratio in which input tax credit contained in the original invoice was distributed in terms of clause (d) above, and the amount so apportioned will be,– reduced from the amount to be distributed in the month in which the credit note is included in the return in FORM GSTR–6; and added to recipient’s output tax liability, if the amount so apportioned is in the negative by virtue of the amount of credit to be distributed is less than the amount to be adjusted. 11/9/2018 ITC_GST EIRC_ICAI

As per sub–rule (2) of Rule 4 of the Input Tax Credit Rules, if the amount of input tax credit distributed by an ISD is reduced later on for any other reason for any of the recipients, including that it was distributed to a wrong recipient by the ISD, the process prescribed in clause (j) of sub–rule (1) will, mutatis mutandis apply for reduction of credit. As per sub–rule (3) of Rule 4 of the Input Tax Credit Rules, subject to sub–rule (2), the ISD will, on the basis of the ISD credit note specified in clause (h) of sub–rule (1), issue an ISD Invoice to the recipient entitled to such credit and include the ISD credit note and the ISD Invoice in the return in FORM GSTR–6 for the month in which such credit note and invoice was issued. 11/9/2018 ITC_GST EIRC_ICAI

As per sub–rule (1) of Rule 9 of the Revised Invoice Rules, an ISD invoice or, as the case may be, an ISD credit note issued by an ISD will contain the following details:– name, address and GSTIN of the ISD; a consecutive serial number not exceeding sixteen characters, in one or multiple series, containing alphabets or numerals or special characters hyphen or dash and slash symbolised as , “-”, “/”, respectively, and any combination thereof, unique for a financial year; date of its issue; name, address and GSTIN of the recipient to whom the credit is distributed; amount of the credit distributed; and signature or digital signature of the ISD or his authorized representative. 11/9/2018 ITC_GST EIRC_ICAI

Taking Input Tax Credit in Respect of Inputs & Capital Goods Sent for Job Work
Section 21 & Section 143 11/9/2018 ITC_GST EIRC_ICAI

As per sub–section (1) of Section 143, any registered person (hereafter in this section referred to as the “principal”) can under intimation and subject to such conditions as are yet to be prescribed, in addition to the existing Input Tax Credit Rules, send any inputs or capital goods, without payment of tax, to a job worker for job–work and from there subsequently send to another job worker and likewise, and will,– bring back inputs, after completion of job work or otherwise, or capital goods, other than moulds and dies, jigs and fixtures, or tools, within 1 year and 3 years, respectively, of their being sent out, to any of his place of business, without payment of tax; supply such inputs, after completion of job work or otherwise, or capital goods, other than moulds and dies, jigs and fixtures, or tools, within 1 year and 3 years, respectively, of their being sent out from the place of business of a job worker on payment of tax within India, or with or without payment of tax for export, as the case may be: 11/9/2018 ITC_GST EIRC_ICAI

As per the Proviso to sub–section (1) of Section 143, the principal will supply the goods from the place of business of a job worker in accordance with the provisions of this clause only if – the said principal declares the place of business of the job–worker as his additional place of business; the job worker is registered under section 25; or the principal is engaged in the supply of such goods as may be notified by the Commissioner. 11/9/2018 ITC_GST EIRC_ICAI

As per sub–section (2) of Section 143, the responsibility for keeping proper accounts for the inputs or capital goods will lie with the principal. As per sub–section (1) read and sub–section (4) of Section 19 of the CGST Act, the principal will, subject to such conditions and restrictions prescribed in Rule 10 of the Input Tax Credit Rules, be allowed input tax credit on inputs and/or capital goods sent to a job–worker for job–work. As per sub–section (2) and sub–section (5) of Section 19 of the CGST Act, notwithstanding anything contained in clause (b) of sub–section (2) of section 16, if the inputs and/or capital goods are directly sent to a job worker for job–work without being first brought to his place of business, still the principal will be entitled to take credit of input tax on inputs. 11/9/2018 ITC_GST EIRC_ICAI

As per sub–section (3) of Section 143 and sub–section (3) of Section 19 of the CGST Act, if the inputs sent for job work are not – received back by the principal after completion of job work or otherwise in accordance with the provisions of clause (a) of sub–section (1) of Section 143 or supplied from the place of business of the job worker in accordance with the provisions of clause (b) of sub–section (1) of Section 143 within a period of 1 year of their being sent out, then it will be deemed that such inputs had been supplied by the principal to the job–worker on the day when the said inputs were sent out. As per the Proviso to sub–section (3) of Section 19 of the CGST Act, if the inputs are sent directly to a job worker, then the period of 1 year will be counted from the date of receipt of inputs by the job worker. 11/9/2018 ITC_GST EIRC_ICAI

As per sub–section (4) of Section 143 of the CGST Act read with sub–section (6) of Section 19 of the CGST Act, if the capital goods, other than moulds and dies, jigs and fixtures, or tools, sent for job work are not – received back by the principal in accordance with the provisions of clause (a) of sub–section (1) of Section 143 or supplied from the place of business of the job worker in accordance with the provisions of clause (b) of sub–section (1) of Section 143 or within a period of 3 years of their being sent out, then it will be deemed that such capital goods had been supplied by the principal to the job–worker on the day when the said capital goods were sent out. As per the Proviso to sub–section (6) of Section 19 of the CGST Act, if the capital goods are sent directly to a job worker, then the period of 3 years will be counted from the date of receipt of capital goods by the job worker. 11/9/2018 ITC_GST EIRC_ICAI

As per sub–section (5) of Section 143, notwithstanding anything contained in sub–sections (1) and (2), any waste and scrap generated during the job work can be supplied, on payment of tax, if such job worker is– registered, by the job worker directly from his place of business, or not registered, by the principal. As per the Explanation to Section 143 of the CGST Act, for the purpose of job work, input includes intermediate goods arising from any treatment or process carried out on the inputs by the principal or the job worker. 11/9/2018 ITC_GST EIRC_ICAI

Conditions & Restriction in respect of Inputs and Capital Goods sent to the Job Worker
As per sub–rule (1) and sub–rule (2) of Rule 10 of the Input Tax Credit Rules read with sub–rule (1) of Rule 10 of the Revised Invoice Rules, the inputs or capital goods will be sent to the job worker, including where the inputs or capital goods are sent directly to job–worker, under the cover of a delivery challan issued by the principal to the job worker, in lieu of invoice at the time of removal of goods for transportation, containing following details – date and number of the delivery challan, name, address and GSTIN of the consigner, if registered, name, address and GSTIN or UIN of the consignee, if registered, HSN code and description of goods, quantity (provisional, where the exact quantity being supplied is not known), signature. 11/9/2018 ITC_GST EIRC_ICAI

Conditions & Restriction in respect of Inputs and Capital Goods sent to the Job Worker
As per sub–rule (3) of Rule 10 of the Input Tax Credit Rules, the details of challans in respect of goods dispatched to a job worker or received from a job worker during a tax period will be included in FORM GSTR–1 furnished for that period. Further, as per sub–rule (3) of Rule 8 of the Revised Invoice Rules, if goods are being transported on a delivery challan in lieu of invoice, then the same will be declared in FORM [WAYBILL]. As per sub–rule (4) of Rule 10 of the Input Tax Credit Rules, if the inputs or capital goods are not returned to the principal within the time stipulated in section 143, then the challan issued under sub–rule (1) will be deemed to be an invoice for the purposes of this Act. 11/9/2018 ITC_GST EIRC_ICAI

Room is Open for Queries…
11/9/2018 ITC_GST EIRC_ICAI

Thank You S.K.KANODIA & ASSOCIATES CHARTERED ACCOUNTANTS
Head Office 13/C, Balak Dutta Lane, Kolkata Ph: E : Branch Office 39 A, Jorapukur Square Lane, Room # 202, Kolkata Ph: E : ITC_GST EIRC_ICAI W:

Input Tax Credit CA Ankit Kanodia

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