Input tax credit
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Meaning of Input tax credit How to claim input tax credit Conditions to claim ITC In eligibility of ITC Requirements for ITC under GST Problem
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Returns Under GST
- Periodic returns like GSTR-3 (monthly), GSTR-4 (quarterly for composition scheme taxpayers), GSTR-5 (non-resident taxpayers), GSTR-6 (input service distributors), and GSTR-7/8 (tax deducted at source) must be filed by specified due dates each period.
- An annual return (GSTR-9/9A/9B/9C) must be filed by 31 December each year, along with audited financial statements if annual turnover exceeds Rs. 2 crores.
- GSTR-1 provides outward supply details, while GSTR-2 details inward supplies based on GSTR-1 and GSTR-2A (
Input tax credit under GST
The document discusses India's Goods and Services Tax (GST) policies and regulations related to input tax credit. Key points include:
- Under GST, input tax credit is available for goods, services, and capital goods used in the course of business. This is a significant expansion of credit compared to earlier tax systems.
- Credit can be claimed by registered businesses against central GST, state GST, integrated GST, and Union territory tax paid on business purchases.
- Certain documents like tax invoices and bills of entry must be possessed, and payment must be made to the supplier within 180 days, for credit to be claimed.
- There are also time limits, apportionment and reversal
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1. Registration is required for any supplier whose aggregate turnover exceeds Rs. 20 lakhs or Rs. 10 lakhs in certain states. It authorizes the supplier to collect taxes and claim input tax credits.
2. Suppliers must register in each state where they conduct business operations. The registration process involves filing Form GST REG-01 along with required documents.
3. Other persons required to compulsory register include casual taxable persons, suppliers of online/electronic services, and those liable to pay tax under reverse charge.
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Returns Under GST
- Periodic returns like GSTR-3 (monthly), GSTR-4 (quarterly for composition scheme taxpayers), GSTR-5 (non-resident taxpayers), GSTR-6 (input service distributors), and GSTR-7/8 (tax deducted at source) must be filed by specified due dates each period.
- An annual return (GSTR-9/9A/9B/9C) must be filed by 31 December each year, along with audited financial statements if annual turnover exceeds Rs. 2 crores.
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Input tax credit under GST
The document discusses India's Goods and Services Tax (GST) policies and regulations related to input tax credit. Key points include:
- Under GST, input tax credit is available for goods, services, and capital goods used in the course of business. This is a significant expansion of credit compared to earlier tax systems.
- Credit can be claimed by registered businesses against central GST, state GST, integrated GST, and Union territory tax paid on business purchases.
- Certain documents like tax invoices and bills of entry must be possessed, and payment must be made to the supplier within 180 days, for credit to be claimed.
- There are also time limits, apportionment and reversal
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Tax is an important source of revenue for governments worldwide. Taxes are collected on income, sales, purchases, and properties to fund government operations. There are two types of taxes: direct taxes which are paid directly by individuals like income tax; and indirect taxes which are passed on through other entities like sales tax. Income tax was first introduced in India in 1860 under British rule to fund expenses from the 1857 rebellion. The current Income Tax Act of 1961 governs income tax in India and has been amended over time. It details the taxation of various types of income for individuals and organizations.
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The document discusses key aspects of income from business and profession under the Income Tax Act in India. It defines business, profession, and vocation. It outlines essential features of a business like regular transactions, profit motive, use of labor and skill. It also discusses what constitutes a business under section 2(13) and explains concepts like trade, commerce, and manufacture. The document then covers important points about income from business like the business must be carried out by the assessee during the previous year, and income includes losses. It also discusses the cash and mercantile systems of accounting and conditions for claiming depreciation.
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Presentation provides an overview of India’s GST registration process.
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This document summarizes key aspects of registration under the Goods and Services Tax (GST) law in India, including:
1. Registration is required for any supplier whose aggregate turnover exceeds Rs. 20 lakhs or Rs. 10 lakhs in certain states. It authorizes the supplier to collect taxes and claim input tax credits.
2. Suppliers must register in each state where they conduct business operations. The registration process involves filing Form GST REG-01 along with required documents.
3. Other persons required to compulsory register include casual taxable persons, suppliers of online/electronic services, and those liable to pay tax under reverse charge.
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This document provides an overview of income from business and profession under the Indian Income Tax Act. It defines business and profession, outlines the key points and basis of charge for income from business/profession. It also discusses the computation of income, specific deductions allowed, depreciation rules and amounts that are not deductible. The key information includes definitions of business and profession, income includes profits and losses, relevance of accounting method, and that income from illegal businesses is taxable.
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The document discusses the various income tax authorities in India according to the Income Tax Act. It outlines the central authorities like the Central Board of Direct Taxes (CBDT) which is responsible for tax policy and administration. Below the CBDT are various officers like Directors General, Commissioners, Deputy/Assistant Commissioners, and Income Tax Officers who have powers to assess taxes, conduct searches and seizures, and investigate tax evasion. Their roles, appointment processes, and jurisdictions are explained. Key powers of authorities like the CBDT, Commissioners and Income Tax Officers are also summarized.
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1. presentation on input tax credit under gst
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1. There are three key electronic ledgers under GST law - the electronic cash ledger, credit ledger, and liability register.
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The document discusses the concept of "business connections" under Section 9 of the Indian Income Tax Act of 1961. It notes that the Act allows for taxation of foreign companies and non-residents only on income sourced from India. Section 9 then deems certain types of income as accruing or arising in India in specific circumstances, including income from "business connections" in India. The document aims to analyze judicial pronouncements related to the term "business connection" and how its meaning has evolved over time under Section 9 of the Act.
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There is no such proposition in the existing laws as the concept of supply is unique to our tax system and considered as a ‘taxable event’ for the first time in indirect tax regime.
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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
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This document discusses tax deductible at source in India. It defines key terms like deductor and deductee. It outlines various types of payments that are subject to tax deduction at source, such as salaries, interest, dividends, lottery winnings, and payments to contractors. For each type of payment, it specifies who is responsible for deducting tax, the applicable tax rates, and any important additional details.
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This document provides an overview of input tax credit (ITC) under the Goods and Services Tax (GST) regime in India. It defines key terms related to ITC such as input, capital goods, input tax, output tax, and reverse charge. It outlines the conditions for claiming ITC and lists items for which ITC is ineligible. It also discusses proportionate credit, adjustments to ITC, transition provisions for claiming ITC on stock, and the process for claiming ITC on inter-state and intra-state supplies.
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The document discusses the five heads of income under the Indian Income Tax Act of 1961: (1) income from salary, (2) income from house property, (3) income from business and profession, (4) income from capital gains, and (5) income from other sources. It provides details on what types of income fall under each head and the basic rules for taxing each type of income.
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1) Income from salary includes any remuneration received for services rendered to an employer.
2) Key allowances like DA, HRA are fully taxable while some allowances receive partial exemptions.
3) Perquisites provided by employers are also taxed, including rent-free housing, cars, interest-free loans, etc. Valuation methods differ based on type of perquisite.
Residential status
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This document provides an overview of various deductions that can be claimed under sections 80C to 80U of the Indian Income Tax Act of 1961. It explains key deductions such as those for approved savings and investments of up to Rs. 1.5 lakhs under section 80C, contributions to pension schemes under 80CCD, medical and education expenses under 80D, 80DD, 80E, and donations to certain funds under 80G. It also outlines eligibility criteria and limits for claiming these common tax deductions in India.
1. presentation on input tax credit under gst
GST, Goods And Service Tax, Basic Concept and Principals of Input Credit under GST, Availability of ITC in Special cases, ITC- Input Service Distributor, Electronic Cash Ledger, Electronic Credit Ledger, Refund of Tax under GST
S 8- Payment of GST
1. There are three key electronic ledgers under GST law - the electronic cash ledger, credit ledger, and liability register.
2. The cash ledger reflects all tax deposits made while the credit ledger contains input tax credits.
3. The liability register shows a taxpayer's total tax liability for a period which is paid by adjusting credits in the ledger or making deposits shown in the cash ledger.
GST And Import - Export In India
This document outlines how imports and exports will be treated under the Goods and Services Tax (GST) implemented in India. It notes that imports of goods and services will be treated as inter-state supplies and Integrated GST (IGST) will be levied on imports. Exports will be treated as zero-rated supplies, allowing traders to export goods without paying IGST up front or claim a refund later. The new GST regime aims to follow the destination principle for taxation and provide full set-off on taxes paid during imports.
Types of returns under gst
The document summarizes the various types of returns required to be filed under the Goods and Services Tax (GST) regime in India. It discusses 18 different return forms including monthly, quarterly, annual returns to be filed by regular taxpayers, compounding taxpayers, Input Service Distributors, e-commerce operators, non-resident taxpayers, and others. The returns require reporting of outward and inward supplies, input tax credit claimed, tax payable, payments made, and other details. The returns are largely auto-populated based on information filed in other returns, and allow for modifications and corrections.
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This document provides an overview of input tax credit (ITC) under the Goods and Services Tax (GST) in India. It defines ITC as the tax paid on purchases that can be reduced from output tax payable on sales. It outlines the key conditions for claiming ITC such as being GST registered, having a valid invoice, goods/services received, and supplier paying tax. It also discusses documents needed for ITC, time limits, reversal of credit, special cases, ineligible items, and refund of ITC. The document is intended to help explain the important rules and mechanisms around ITC under GST.
Income tax department
The document discusses the concept of "business connections" under Section 9 of the Indian Income Tax Act of 1961. It notes that the Act allows for taxation of foreign companies and non-residents only on income sourced from India. Section 9 then deems certain types of income as accruing or arising in India in specific circumstances, including income from "business connections" in India. The document aims to analyze judicial pronouncements related to the term "business connection" and how its meaning has evolved over time under Section 9 of the Act.
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Input tax credit is a mechanism under GST that allows registered taxpayers to claim credit for taxes paid on inputs and capital goods. This helps remove cascading of taxes and ensures only value added at each stage is taxed. Taxpayers can utilize input tax credit to offset output tax liability, and only pay the net amount. Some key conditions for claiming ITC include possessing valid tax invoices, actual receipt of goods/services, and taxes being paid by the supplier. Unutilized credit can be carried forward or in some cases, claimed as a refund. Strict matching and reconciliation rules apply to verify ITC claims.
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2) Taxpayers can claim ITC for taxes paid within one year on inputs held in stock, inputs in semi-finished/finished goods, and capital goods.
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GST Returns
GST returns require various monthly, quarterly, and annual filings by different registered taxpayer types. Monthly returns include GSTR-1 for outward supply details, GSTR-2 for inward supply details, and GSTR-3 which is the final monthly return filed along with tax payment. Quarterly returns apply to composite taxpayers, while annual returns like GSTR-9 are required for audited accounts. Special returns also apply to input service distributors, non-resident foreign taxpayers, and e-commerce operators. Due dates for returns generally fall on the 10th, 15th, or 20th of the following month.
Registration
Registration under the Goods and Services Tax (GST) involves obtaining a unique GST identification number (GSTIN) from tax authorities. This allows businesses to legally collect tax from customers, claim input tax credits, and seamlessly transfer credits nationally. Section 22 requires registration for businesses with aggregate annual turnover over Rs. 20 lakh, or Rs. 10 lakh for certain states. Exemptions apply for agriculture, low-turnover businesses, and those exclusively providing exempt supplies. Section 24 mandates registration for interstate suppliers and other special cases regardless of turnover. The registration procedure involves verification, application filing, examination, and issuance of a certificate including the GSTIN and effective date.
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GST - ITC.pptxnmnnnnnnnnnnnnnnnnnnnnnjjj
The document provides information about input tax credit (ITC) under the Goods and Services Tax (GST) system in India. Some key points:
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2. There are conditions for claiming ITC, such as possessing valid documents and ensuring taxes are paid. ITC must also be adjusted if related outputs are exempt.
3. Not all purchases are eligible for ITC, such as most motor vehicles, food/beverages, health services, and property construction. Transition provisions allow ITC for stock under certain conditions.
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Input tax credit
- 1. WELCOME TO MY PRESENTATION
- 2. INPUT TAX CREDIT Under the Guidance of SUNDAR B.N. Asst.prof. & Course Co-Ordinator Post-Graduation Studies in Commerce G.F.G.C.W. Holenarasipura. NAYANA H.K 1st M.COM
- 3. CONCEPTS Meaning of input tax credit How to claim input under GST. Conditions to claim input tax credit. In Eligibility of Input tax credit. Requirements for ITC under GST. Reference
- 4. MEANING ;- The tax already paid by a person at the time of purchase of goods or services and which is available as deduction from tax payable. Eg;- A trader purchases goods worth RS.100 and pay tax of 10%. On it and now this trader sold such goods at RS.150 and collect tax of RS.15 from buyer. Now the trader has to pay RS.15 to government but he had already paid RS.10 ,so this RS.10 is ITC of the trader and will be allowed as deduction from tax payable and he has to pay net RS.5 as tax.
- 5. CONDITIONS TO CLAIM ITC Registered person will be eligible to claim ITC.(It following conditions are fulfilled.) He should have received the goods or services or both. The supplied should have actually paid the tax. Furnishing of return. Possession of a tax invoice or debite note or document evidencing payment. No ITC will be allowed if depreciation have been claimed on tax component of a capital goods & plant & machinery. If the invoice or debit note is received. Note;- Missed invoice will not eligible for ITC.
- 6. IN ELIGIBILITY OF INPUT TAX CREDIT 1. Payment for invoice made after 180 days from the date of issue of invoice. 2. Claiming depreciation on taxable capital goods. 3. Goods are to be received in lots/installment. 4. Goods & Services is not used for further course of business.
- 7. REQUIREMENTS FOR ITC UNDER GST Document receives the goods & services from the supplier are required. Document of actual tax paid by the recipient of person (dealer/manufacturer) to the government. proof of GST paid. Proof of copy of GST return is necessary & furnishing of GST return to GST authority.
- 8. PROBLEM Mr. X , a supplier of goods ,pays GST under regular scheme he has made the following outward taxable supplies in a tax period; Particulars Rs Inter state supply of goods 300000 Intra-State supply of goods 800000 Mr ‘X’ has the following ITCs with him at the beginning of the period Particulars Rs CGST 30000 SGST 30000 IGST 70000
- 10. : Retrieved from : G. VEDHAMURTHI 18/05/2022