FAQ on Returns Process and Matching of Input Tax Credit

What is the purpose of returns? Ans. a)        Mode for transfer of information to tax administration; b)        Compliance verification program of tax administration; c)        Finalization of the tax liabilities of the taxpayer within stipulated period of limitation; to declare tax liability for a given period; d)        Providing necessary inputs for taking policy decision; e)        Management Read more about FAQ on Returns Process and Matching of Input Tax Credit[…]

FAQ on Input Service Distributor (ISD) Under GST

Input Service Distributor (ISD) What is Input Service Distributor (ISD)? Ans. ISD means an office of the supplier of goods or services or both which receives tax invoices towards receipt of input services and issues a prescribed document for the purposes of distributing the credit of central tax (CGST), State tax (SGST)/ Union territory tax Read more about FAQ on Input Service Distributor (ISD) Under GST[…]

FAQ on Input Tax Credit Under GST

What is input tax? Ans. Input tax means the central tax (CGST), State tax (SGST), integrated tax (IGST) or Union territory tax (UTGST) charged on supply of goods or services or both made to a registered person. It also includes tax paid on reverse charge basis and integrated tax goods and services tax charged on Read more about FAQ on Input Tax Credit Under GST[…]

GST Transitional Provisions and Carry Forward

GST For Traders – Carry Forward of Input Tax Credit & Other Transitional Provisions

As the Goods and Services Tax (GST) is to be implemented from 1st April 2017, it is very important for all of us to understand the fundamentals of GST. For smooth transition of GST in your business, you must be aware of the transitional provisions related to GST. In this article, we will explain the Read more about GST For Traders – Carry Forward of Input Tax Credit & Other Transitional Provisions[…]

Input Tax Credit : Eligibility, Time Limit and Utilization

Eligibility of Input Tax Credit All goods or services Used or intended to be used In the course or furtherance of business Goods and Services on which Credit is not Allowed (a) motor vehicles, except when they are supplied in the usual course of business or are used for providing the following taxable services— transportation Read more about Input Tax Credit : Eligibility, Time Limit and Utilization[…]

Migration of Existing Assessees and Utilzation of Balance Credits : Transitional Provisions

Migration of Existing Assessees  Utilization of Balance Cenvat Credit (Excise & Service Tax) and Input Tax Credit (Vat) As per Model Act in order to claim the existing credit appearing in the returns as opening credit under GST conditions of the both Acts, (i.e. CENVAT Credit Rules and Model Act) must be fulfilled. This provision Read more about Migration of Existing Assessees and Utilzation of Balance Credits : Transitional Provisions[…]