GST Magazine Update Month of Jan-2020 (Digital) || Input Tax Credit Special

Rule of COMPOSITION LEVY

•        Rule 3. Intimation for composition levy

•        Rule 4. Effective date for composition levy

•        Rule 5. Conditions and restrictions for composition levy

•        Rule 6. Validity of composition levy.

•        Rule 7. Rate of tax of the composition levy

WORK CONTRACTS in GST

•        What is a works contract?

•        Works Contract – the position in VAT & Service Tax

•        Position under GST

•        Works Contract ITC

•        Position Maintenance of records:

•        Rate of GST

•        Valuation

•        Place of Supply in respect of Works Contract

5.

GST Input Tax Credit

•        Introduction

•        With The protocol to avail and utilise the credit

•  Eligibility Condition for taking Input Tax Credit                (Section 16)

•        Basic Condition (Section 16 (1): –

•        Conditions of Taking Input Tax Credit to registered person (Section 16 (2-

•        Delivery by goods in lot or installment

•        Reverse Input Tax Credit, the amount towards the value of  supply along with tax note paid within a period of 180 days

•“Rule 37. Reversal of input tax credit in the case of non-payment of consideration. –

•        No Input Tax Credit if depreciation is Claimed on tax component (Section 16(3)

•        Time limit of claim Input Tax Credit (Section 16 (4)

• Rule 36. Documentary requirements and conditions for claiming input tax credit. –

•        Rule 36. Documentary requirements and conditions for claiming input tax credit.-

•        Rule 36 (2) Particulars to be contained in documents

•        Rule 36 (3) No ITC on demand paid on account of fraud

•Input Tax Credit is partly available or Not Available (Section 17)

•        Section 17. (1) goods or services or both are used by the registered person partly for the purpose of any business and partly for other purposes

•        Section 17 (2) goods or services or both are used by the registered person partly for effecting taxable supplies including zero-rated supplies

•        Section 17 (3) What supplies are included in exempt supply

•        Section 17 (4) Input Tax Credit in case banking company or a financial institution

•        Section 17 (5) Input Tax Credit shall not be available on       certain goods/services

•        Blocked ITC Chart

• Availability of credit in special circumstances (Section 18) .

•        More than One year (expiry) of  the date of issue of tax invoice not eligible for credit

•       Sale of capital goods or plant and machinery after taking input tax credit

•Rule 40. Manner of claiming credit in special circumstances

6.

GST Case law

• Vimal Yashwantgiri Goswami Versus State of Gujarat (Gujarat High Court)