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    © All Rights Reserved
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    89 views8 pages

    ITC - CA Amit Mahajan

    Uploaded by

    Uday tomar

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
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    Input Tax Credit CA CS CMA — Inter / Executive Mahajan Virtuals | CA Amit Mahajan | +91-9969842303 (WhatsApp) iii 1. Regitrtion i mandatory for aveling ITC 2. Goods / services puchated / oiled should be used for business purpose Senditions 1. Input tax credit cn be token onthe bei of ony ofthe flowing decent [7 Beoit note eeu uncer socton 34 (mt of erry Dilvoice prepared in respec of revert charge basis u/s 9(9) ond 94} 2. The regitered pert taking the TC mus have received the goods and / "Bl to Ship to! Modal ‘he estomer [egsered persion] ~'B! who purchases the goods fom the vendor (copper —'8 QP erytete cussed in the lecture “ax lovable on supply eately paid fo Gavernment - Supple should have acally paid the tx charged onthe goods and/or vervices, for which TCs being taken (ther by cash or veiling 1) Return fling @taxpeyer should le GSTR-98 to evil ITC on ebb invord woken Goods received in LOTS (rstalmens) con cpio avail he ITC without making @ payment fo the supplier? — YES ONLY tothe extent of 180 days i he Recipient should meke @ payment within 180 days FROM THE DATE OF INVOICE Who It he falls te pay? = Whatever ITC veiled by the recipient would be reversed 18% pe is availed rei (a8 outward ax ity) Exceptions ROM supplies Mahajan Virtuals | CA Amit Mahajan | +91-9969842303 (WhatsApp) If depreciation is claimed onthe GST component ~ Se 16(2) If he parton taking the IT on capital good hos dled deprecetion onthe GST TIC onthe sid tax component shall ot be llowed Capital Goods purchoved for Rs 10L + 1. of GST = 11.801, ‘laimed depreciation on ene 11.801 ~ NO ITC 0+ depreceton caked on 12 GST component of 1.80 ‘Situation 2- Under Income Tax ~ 10L i contidered o+ Capital Arsts ond claimed depreciation oly on 10L~ IC ALLOWED ~ 0 depreciation t NOT claimed onthe {GST component of 1.80 ‘ONLY T Benoit Ether ia Income inthe frm of depreciation Or ITC under GST Time limi for availing ITC— See 16(4) The time imi u/s 1614) dows net epply te claim for r-aveling of credit that had boon reverted werier ony debit nets hos been ined in conection with any invic, date of debit shall be taken into corsideration forthe purpore of determining he tine iit and not ‘he date of invoice to which relates, 9, vlc a iwved on 12/02/2020 ond debit note issued 09 28/05/2020 inthis case TC con be taken maxinum upto 2 TReatiions on vse of amount aval ble in electronic ered ledger [Rule 868] ‘lcronc cri ledger which a RP con ote to elicharge hk outptoxHabilty Yo 99% of ‘neh tox bobilty i emves where the vabe of tarcble supply thar thn exempt ep and his ule overrides all aher rls. te simple word ~@ RP wil have fe pay at leat 1% of he outward tox Baby ever though be hor sfciot balance the ECL ample The foal valve of inter State supply of Mahsion & Sant for the month of January 2022 of R100 lath Seid wpply is toxable @ 18% IGST. Thuy, ol ouput ox lbily of -ahion & Soni Re 18 loth, Amount avilable in elcrnic cre ledger i Re 20 fh (issn, In rms of resin imposed by ule 868, Mahajan & Sons can dchorge 99% af ie cup! ‘ox lability i. Re 17,82,000 (99% of Re 18,00,000) tram the amcint avalon electronic credit edger Hower it ht Yo mandatory charg the bolanc 196 of tha output tx ability. € 18,000 (19 of Re 18,00,000) hough electronic cash edger ony Exceptions 1, Where the said person/proprietor/karta/managing directs /any of intwe partners, Trustees, the cote may be, have pald more then Re I lakh ot Income tox each of the leat 2 Ps 2, Where the raginered person hos received refund of more thon Re I lakh inthe pracecing FY on account of unuied IC i cave of 725 made without payment of tox oF 2. Inverted duty stra 3. Where the RP hs clicharge his ability word ouput tax through the electron cosh ledger for an omen which isin excess of 18 ofthe tol cup tox Hebily, applied amlotvely vp to the said month inthe curren Mahajan Virtuals | CA Amit Mahajan | +91-9969842303 (WhatsApp) Where the registered person in 2. Puble Sector Undertaking 3. Loca Ahoy However the Commiione or on oie author 1 by him in tis bao moy temeove the sid retin after such verifications end weh safeguard os be ‘Where the goods or servis or both are ted by the RP pty forthe purpose of any busines and porly for other purposes, the amount of ert hall be rected 1 20 much ofthe input tx as oibutale tothe porpotes of his business [Where the goods or services ot both are ured by the RP pony for efectng toxeble wuppie incuingzerorated wie under thi Actor under the Inegrated Geods and Services Tox At, and partly for eHecting exempt supplies under the sod Acs, the oncurt of eredi shall be rested 1930 ‘mich ofthe Input fax os otribtabe tothe sid taxable wpe induaing zere-rated apples The voue of exempt supply shall be computed os pe ule 42 and 43 emp! supplies shall include supplies on which the recipient abl 19 poy bueing, HF Goode/Servceshave been soplied by a person and GST eto be pald by the recent under revert charge, wil be conidere lobe exempt wpply forthe supplier ond tx cred snot allowed 4 5. Blocked Cred la fc stocked ‘Abbanking company o a finansi th amount equal o 50% ofthe eligible Input tex tion ineuding a NBFC, engaged in supplying ne proviions of wbsecton (2), or evel of every mon, i on api, eoptal goods and Provided that the pin once exeried shall net be withdrawn during the remaining part ofthe finance yer, Provided frther thatthe retin of 50% sll not apply tothe tax ped on pps ~ Section 1715) Motor veils ured for transportation of PERSONS with seating copocly $13 persons tnldng ever When sich motor veils are used for moking following faxable supplies mend nie 1. Further wpply of sch motor vehicle (Sole; 2. Transportation of posenger (Tox Busnes 2. imparting training on driving motor vehies (ving Schoo) 1. IC on motor vehicles fr mansportation of person wth setingcapecty > 13 persons (icuding driver ved for ny purpose i eilowed 2. MIC on anyother motor veile ued for any purpose i allowed: (Ex motor vehicle ured for wonsportetion of goods, dumpers tipper te Mahajan Virtuals | CA Amit Mahajan | +91-9969842303 (WhatsApp) Exempios ‘A | ITC Blocked ‘Travel benefits extencied to employees on vacation (Ex: h. consrtprchedy «mcr company fi of EO hed eee feared ov nS prog in seh [Motor vehicles for transportation of persons wih seating | 1A | ITC Blocked Food [2, _Vassals & Aircraft “ everges ‘thon ed for purpose mentioned [fo of Moor Voice (0 tnmenutectreof cheer vice veneh or ref Mahajan Virtuals | CA Amit Mahajan | +91-9969842303 (WhatsApp) ‘Were Contract erviee or constuaion of immovable propery [afer han PEM) Except thor snp eric for ter wey of wks conta eM ITCis alowed in the fllowing eaten: Se eee eerie eter eet Peal When he value of works contac secs ot coptaized. In thi ate, TC allowed to al vecpiens respective of thr Ine of busines PLACE FOR FOST:T Ma Diayrom we anne ee) | Tnpots Reid nosh] Avon orcs. Peon who hes nos held in wock | Day mediately | TC be ppl for | npus comoined in | preceding date of | Avates regisnain witin | sami tied /FG | grant of |wihin 1 year cb oregon Jt rvice | a hos been grant sper such reioatin sec 181 Note TC on good imported by NET i allwed but ITC a services Impotd by hi blocked el Porpone G/B ved fr pervnel ommpon “Any 10x paid i accordonce with the provisions of Sections 74, 129 & 130. 2. Sc 129: Tox n pl when goods or under Seteon fo ther vestige Note II avalabe when the cnatucion ot on own seen o fof PEM, Regitraion | insenifnihed | ston of [eter nts [FG ald in wock | root ‘GIES recaved by HRTP Tans on goods Inpered by Hi Examples Me Amit becomes ible fo pay fox on It Augot and hor oblined epitrtin on Ste ‘Avg Me. fois eligible fo (TC on input bald in hock onl part of romfnahed (ods or Finished ovoc held in ck oom 314 ay, Mr, Ait conmol ok ITC on eopitl ood. June: Me Mahjong for IT an np sd in ok and ot prt of mi finshed (ed ofc poode held in tock op 21s une. Me. Mahajan camo ake TC on Mahajan Virtuals | CA Amit Mahajan | +91-9969842303 (WhatsApp) poytaxe/s10| sock’ hosts ovale wi pple by him become whaly exer [Compeiton ox] cortcines in regulor scheme | held instock & Ceptel Gods preceding dave een | eet he tall pay an amount {byway of debi ECL or elon cath edger ‘nthe dey rmeditely preceding de of exercising of ch option or er a twpples become | sock & opts | procedang the cites omarion toh | ca, Posed toe poymart of meh si ble gin EL ho date of rch exertion pei peorerpor Cop goods hv ben nu fr 4 er, & mold 18 do The oid

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