Input Credit
Murugesan (Asst. Manager - Finance) (180 Points)
04 August 2017Murugesan (Asst. Manager - Finance) (180 Points)
04 August 2017
Kaushik Deepak (KD)
(Officer Accountant)
(1136 Points)
Replied 04 August 2017
Must read point no. 7
Input Tax Credit under GST –
Conditions To Claim A registered person will be eligible to claim Input Tax Credit (ITC) on fulfillment of the following conditions:
1. Possession of a tax invoice or debit note or document evidencing payment.
2. Receipt of goods and/or services
3. goods delivered by supplier to other person on the direction of registered person against a document of transfer of title of goods
4. Furnishing of a return
5. Where goods are received in lots or installments ITC will be allowed to be availed when the last lot or installment is received. 6. Failure to the supplier towards supply of goods and/or services within 180 days from the date of invoice, ITC already claimed will be added to output tax liability and interest to paid on such tax involved. On payment to supplier, ITC will be again allowed to be claimed.
7. No ITC will be allowed if depreciation have been claimed on tax component of a capital good.
8. If invoice or debit note is received after the due date of filing return for September of next financial year
Kaushik Deepak (KD)
(Officer Accountant)
(1136 Points)
Replied 04 August 2017
Murugesan
(Asst. Manager - Finance)
(180 Points)
Replied 05 August 2017
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)