This document defines key terms related to input credit for VAT, excise duty, and service tax. It discusses how input credit can be availed for these taxes by manufacturers, importers, and first/second stage dealers based on statutory documents. Input credit for capital goods can be availed 50% in the current year and 50% in the next year for excise duty, but 100% in the current year for other duties and VAT. Service tax input credit is allowed based on input services involved in manufacturing or service provision. The document also covers identification of capital goods, cases of potential confusion in availing input credit, and penalties for wrongly availing input credit.
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Unlike erstwhile indirect tax regime, GST promises seamless credit on goods and services across the entire supply chain with some exceptions. In this webinar, we shall understand and analyse the provisions related to Input Tax Credit under the GST law
One of the fundamental features of GST is the seamless flow of input credit across the chain and across the country for supply of Goods or Services. Know more about ITC under GST at https://cleartax.in/s/gst-input-tax-credit/
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Unlike erstwhile indirect tax regime, GST promises seamless credit on goods and services across the entire supply chain with some exceptions. In this webinar, we shall understand and analyse the provisions related to Input Tax Credit under the GST law
One of the fundamental features of GST is the seamless flow of input credit across the chain and across the country for supply of Goods or Services. Know more about ITC under GST at https://cleartax.in/s/gst-input-tax-credit/
The Goods & Service Tax regime is most likely to become a reality from April 2017. The Government of India has been taking a number of steps at unbelievable speed to implement the new regime. Following the Model Law, the Draft Rules for registration, payment, invoice, returns and refunds were released. The Government has also released an FAQ on GST.
Service tax continues to be a complex tax law. The makers of law, in effort to project GST as the future law, preferred to ignore the agony of the tax payer in its current form.
The way things are moving GST is not slated to be a better tax law and shall give more pain than relief. The debate on GST is going to be a long battle. Advisable to digest the present service tax law as in all probability it would form basis for the new law.
08. return and statement ICAB, KL, Study Manual
08. return and statement ICAB, KL, Study Manual
08. return and statement ICAB, KL, Study Manual
08. return and statement ICAB, KL, Study Manual
08. return and statement ICAB, KL, Study Manual
In a typical business, the supplier supplies goods and collects VAT on behalf of the customers, which is later paid to the government. However, the UAE VAT Law and Executive Regulations notifies certain type of supplies on which VAT need to be charged on Reverse Charge Mechanism; by which the buyer or end customer pays the tax directly to the government.
Under reverse charge mechanism, on certain notified supplies, the recipient or the buyer of goods or services is responsible to pay the tax to the Government, unlike in the forward charge, where the supplier is liable to pay the tax. The key change is the shift in the responsibility of paying tax, which is moved from the supplier to the buyer. The recipient will have to record the VAT on purchases (input VAT) and the VAT on sales (output VAT) in their VAT return each quarter.
GST is an Indirect Tax which has replaced many Indirect Taxes in India.
The Act came into effect on 1st July 2017.
Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition.
If you are a GST payer and have not claimed your GST refund. We can help, We are GST Refund consultants in delhi of GST and know how to get your refund quickly. You can use our services to claim your gst return
In this you will find a detailed introduction about GST and its conceptual aspects.
1. What is GST.
2. benefit of GST.
3. Importance for different class of people.
4. Registration requiremnets.
5. Supply
6. Place of supply.
7. Value of supply.
8. Time of supply.
9. Returns
In this you will find a detailed introduction about GST and its conceptual aspects.
1. What is GST.
2. benefit of GST.
3. Importance for different class of people.
4. Registration requiremnets.
5. Supply
6. Place of supply.
7. Value of supply.
8. Time of supply.
9. Returns
Issues in e filing of tax audit reports for ay 2014-15Ameet Patel
The format of the tax audit report that an Indian tax auditor issues has undergone considerable changes in July, 2014. The e-filing of the same also throws up multiple challenges. This presentation deals with some of the important issues that an auditor is likely to face while electronically filing the tax audit report.
If you are a GST payer and have not claimed your GST refund. We can help, We are GST Refund consultants in delhi of GST and know how to get your refund quickly. You can use our services to claim your gst return.
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2. Input Credit
VAT
Excise Duty and
Service Tax
Corresponding
State Vat Act
Cenvat Credit
Rules 2004
To Certify whether in accordance with Statutory Laws
In accordance
with
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3. Where are they Defined…?
Name of the Term Karnataka Vat Act,2003 Cenvat Credit Rules,2004
Manufacturer
Not Defined
A person who is liable to pay the duty
of excise leviable on such goods under
Rule 4 of the Central Excise (No. 2)
Rules, 2001
Dealer
Any person who carries on the business of
buying, selling, supplying or distributing
goods, directly or otherwise, whether for
cash or for deferred payment, or for
commission, remuneration or other
valuable consideration
First Stage Dealer means a dealer who
purchases the goods directly from
Second Stage Dealer means a dealer who
purchases the goods from a first stage
dealer
Input
Means any goods including capital goods
purchased by a dealer in the course of his
business for re-sale or for use in the
manufacture or processing or packing or
storing of other goods or any other use in
business
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4. Name of the Term Karnataka Vat Act,2003 Cenvat Credit Rules,2004
Input Credit Has the meaning assigned to it in Section
10.
Capital Goods
For the purposes of Section 12 means
plant, including cold storage and similar
plant, machinery, goods vehicles,
equipments, moulds, tools and jigs, and
used in the course of business other than
for sale
All goods falling under Chapter 82, 84, 85,
90, heading No. 68.02 and sub-heading No.
6801.10 of the First Schedule to the Tariff Act
Components, spares and accessories of
the goods specified at (i) above;
· Moulds and Dies;
Refractories and refractory materials
Tubes and Pipes and Fittings thereof
Pollution Control Equipment and
Storage Tank,
Which are used in Manufacturing process and
for office
…..Continued
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5. Type of
Trader
Availment of Input Credit
VAT Basis Excise
Duty
Basis Service
Tax
Basis
Manufacturer Yes Tax
Invoice
Yes Bill of
Entry and
Excise
Invoice
Yes
Service
Bill or
Payment
Challan
Importer NA Yes Bill of
Entry
Yes
First Stage
Dealer
Yes Tax
Invoice
No Excise
Invoice
No
Second Stage
Dealer
Yes No Excise
Invoice
No
Availment of Input for Different Type of Traders
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6. Input of VAT can be availed only Tax
Invoice issued in accordance of Section
29 , Chapter IV of Karnataka Vat
Act,2003
Input of Excise Duty can be availed
only on the basis of Excise Invoice
Issued in accordance with the Rule 11 of
Central Excise Rules,2002 and Bill of
Entry issued by the Customs
Department for Clearance of Imported
Goods.
Input of service tax can be availed on
the basis if service bill issued by the
service provider and on payment under
Reverse charge mechanism
Statutory References for Basis of Cenvat Input
Accounting :
Input Credit should be
accounted in separate
ledger which is
grouped under
Current Assets (AS-2,
AS-10)
Auditor’s Role:
Amount Confirmation
Finding Ineligible
credit
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7. Availment of Input Credit in case of Capital Goods :
Input Credit of VAT on capital goods can be availed
completely in the same Financial Year but the vat on the
goods purchased for the Fixed Assets under progress
should be availed under Section 11 of Karnataka Vat
Act,2003
Input Credit of Basic Excise Duty for the capital goods
should be availed 50% in the current Financial Year and
rest in the Next Financial Year. But the Other Duty
covered under Excise like Special Excise Duty, Additional
Excise Duty, Counter Availing Duty, Education Cess,
Secondary Higher Education Cess can be availed in the
same Financial Year.
One exception for this is the goods which can
be consumed within the same Financial Year
can be availed 100%
What IFF.??
The Amount of
excise duty
missed out for
Availment can be
availed in any
Financial Year if
not charged
depreciation under
Section 32 of
Income Tax
Act,1961 or
charged to
Expenditure in
Financials
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8. Service Tax Input Credit
The amount of Service tax involved in Input services for the process of
manufacturing goods or for providing services is allowed as input credit
under Cenvat Credit Rules.2004
This include different services involved in this process like consultancy,
professional, legal, technical, supply of manpower, works contract and
import of services and services under RCM
Amount paid under Voluntary compliance scheme can be availed as
input credit
Accounting:
Separate Ledger
selection for Cenvat
Credit and RCM
Liability
Auditor’s Role:
Check the Eligible
Credit and Ineligible
Credit and RCM
Liability
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9. Identification of Capital Goods vis-à-vis regular material
Excise invoice indicate the corresponding good head.
If not quoted easily identified from tariff headings shown in cbec.gov.in
under excise reference
Cases where confusion arises in availment of cenvat credit
service tax levied by “bank for transactions”
service tax levied by “consultant”
Excise duty passed on by “First stage Dealer” or second stage Dealer
Excise duty on “ as such removal of goods”
Excise duty of “ stock transfer invoice”
VAT for computers used for accounting
Excise and VAT for goods sent for “Job work”
vat on stickers used for internal process like “Labelling, for work
orders etc 3/8/2014 9kapilchidurala93@gmail.com
10. Case studies for discussion……….
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11. Recovery of cenvat credit is made as per provisions of Rule 12 of
cenvat credit rules,2004 and Section 11A and 11AB of Central Excise
Act, 1944
Penalty of wrongly availed amount or Rs.10,000/- whichever is greater
under Rule 13 of cenvat credit rules and Section 11AC of Central
Excise Act, 1944
In case of VAT Simple interest of 18% per annum under section 36 of
KVAT Act,2003
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12. Can Contact me :
Ph : 8892879593
Mail me:
kapilchidurala93@gmail.com
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