ASSINGMENT

GST
SUBMITTED BY
BHAVNA PATHAK
SUBMITTED TO
KEERTI MAM
UNIT 3
Q1). What is Input Tax Credit? Who can avail ITC?

Input Tax Credit or ITC is the tax that a business pays

on a purchase and that it can use to reduce its tax
liability when it makes a sale Input Tax Credit can be
availed by a registered person only if all the applicable
particulars as prescribed in the Invoice Rules are
mentioned in the Invoice.
Q2). Explain the terms:
(a) Debit Note

(b) Credit Note

(c) Capital Goods

(d) Tax Invoice

a).debit note: A debit note is a document used by a

vendor to inform the buyer of current debt obligations,
or a document created by a buyer when returning
goods received on credit.
b).credit note: A credit note is a letter sent by the
supplier to the customer notifying the customer that
he or she has been credited a certain amount due to
an error in the original invoice or other reasons.
c).capital goods: Capital Goods means 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
d).tax invoice: ax invoice is standard format invoice
required under GST system. ... A GST-registered
company must have a valid Tax invoice from the
supplier in order to claim back the GST they have paid
on the purchase for their business.
Q3). . Explain the concept of Job work in GST
As per GST Act, job work means any treatment or
process undertaken by a person on goods belonging
to another registered person. The person doing the
job work is called job worker.

Q4). Explain the provision regarding

refund of tax under GST law.
The GST law requires that every claim for refund is to
be filed within 2 years from the relevant date. Further,
Section 34 of the CGST Act, 2017 provides for
issuance of credit notes for post supply discounts or
if goods are returned back within a stipulated time.