I am working as an accountant in plantation sector, I need a clarification regarding input tax credit under GST regime
Earlier, in VAT system we were not claiming ITC but in the GST system is there any provision to claim input tax credit on purchases and do we need to file GSTR 2 towards purchases.
06 October 2017
Yes, in GST regime, you can claim all GST paid as Input tax credit if it is related to business. moreover, GSTR-2 should be filed by all GST delarers even nil return.
06 October 2017
Sir, I wanted to be sure because earlier in the VAT system, we were not filing the purchase statement & not claiming ITC because we are in plantation sector Before the GST, purchases we made were booking as cultivation expenses as the same is not in the furtherance of business hence we were not claiming ITC So, please clarify
CAclubindia
