sabir
(ca)
(42 Points)
Replied 06 December 2017
As per section 2(64) inut tax, in relation to a TP, means IGST, CGST, UTGST or SGST charged on any aupply of good or services or both made to HIM, AND INCLUDES.
The tax payble( i.e RCM) undrr the provision of subsection 3/4 of section 9 of CGST ACT (3/4 of SECRION 5 OF IGST )
FURTHER, as per the provision of secrion 16 in order to claim credit of input tax following condition must be satisfied:
1 he has possession of tax invoice ( in case of RCM recipient is liable to raise invoice)
2 recipient has deposited the taxes
3 he has received the goods or services or both
4 he has furnished the return as per secrion 39 ( if GSTR 3 is being filed as per secrion 39 then credit of input tax can be taken, in other words we can take credit in the return which is being filed within due date)
5 outward supply must be non exempted.
6 outward supply ahould notbe for personal use.
7 credit of input tax can be taken on or befor filing annual retun for the relevant FY or filing GSTR ad per section 39 of the september month following the end of the FY to which such invoice relates, whichever is earlier.
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