1. presentation on input tax credit under gstNarayan Lodha
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
GST is a vast subject. Some feel that the goods rates have increased whereas some feel its reduced & some are confused thinking that how are they benefited from the implementation of GST
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
1. presentation on input tax credit under gstNarayan Lodha
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
GST is a vast subject. Some feel that the goods rates have increased whereas some feel its reduced & some are confused thinking that how are they benefited from the implementation of GST
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
The following Presentation enumerates the various provisions w.r.t. ITC, how it can be used,eligibilty and conditions for claiming ITC along with various case studies and illustrations. further, it elaborates the concept of input service distributor.
Find out the detailed explanation of the provisions relating to Input Tax Credit under the dual GST Law from the presentation . Give it a read and we would love to know your feedback!
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. GST subsumed various indirect laws in the country and the led to the formation of a common national market. In this webinar, we shall examine and understand the various registrations under the GST Law.
OBJECTIVE
Under GST, the supplier of goods or services is liable to pay the tax to the Government. However, under the reverse charge mechanism (RCM), the liability to pay GST is cast on the recipient of the goods or services. Reverse charge means the liability to pay tax is on the recipient of supply of goods or services instead of the supplier of such goods or services in respect of notified categories of supply. In this webinar, we shall understand the applicability and provisions of RCM under GST.
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. Timely refund mechanism is essential in tax administration, as it facilitates trade through the release of blocked funds for working capital, expansion and modernisation of existing business. In this webinar, we shall be learning the procedural aspects of refund under GST law.
GST is nothing but a value added tax on goods & services combined. It is the provisions of Input Tax Credit that make GST a value added tax i.e collection of tax at all points after allowing credit for the inputs
Introduction
This PPT explains the complete procedure regarding the GST registration in India. It also explains the complete registration rules as per GST act. This presentation also covers practical aspects to the GST registration in India. If you want to get the GST registration online, then you are at the right place.
Brief Registration rules
1. Every person shall be liable to be registered under GST if the total turnover (including exempt supplies) crosses the of Rs.20 lakh in a financial year. However, for north eastern states, the turnover limit is Rs.10 lakh.
2. To be eligible for GST registration, the person must have a valid PAN number (passport in case of non resident).
3. The GST registration is taken from the place where supply is executed. E.g. Mr. A is selling goods from his godown in Laxmi Nagar Delhi, and then he is liable to take registration from Laxmi Nagar, Delhi.
4. Turnover for registration is to be calculated on all India bases and not on state wise.
E.g. if you have business one at Delhi and another is in Uttar Pradesh, then for GST registration the total combine turnover of Delhi and UP is to be taken.
5. Person must apply for GST registration within 30 days of becoming liable for GST registration.
6. If a person wants to add a branch outside the state, then he shall need to apply for another GST registration in the respective state.
7. A person registered under GST voluntarily shall need to comply with GST like any other registered person.
Mandatory Registration
Further, there are another categories of taxpayers who are required to take GST registration in India irrespective of the turnover, i.e. even if the person has Re.1 turnover, he needs to get GST registration if he falls under the categories of mandatory registration.
Kindly read the presentation to know the complete information and procedure about the GST registration.
About the Author
This presentation has been prepared by CA Paras Mehra, who is professionally associated with www.hubco.in, an online legal website which deals in online GST registration, GST return filing, Company registration, Nidhi Company registration, Compliances etc.
Transition to GST could be a cumbersome process if preparations are not started immediately. VAT/Service tax taxpayers should complete the GST migration. Know more about GST Transitional Provision at https://cleartax.in/s/transition-to-gst/
DECODING GST- INPUT TAX CREDIT OF CGST, SGST AND IGSTCa Ashish Garg
Basic Concepts of Input Tax Credit, availment, utilization and reversal of input tax credit.
In every value added taxation structure, Input tax credit remains the backbone of such tax structures as it removes the cascading effect of taxes. In GST also being a value added tax, it is the intention of the lawmakers to allow seamless flow of credit in the supply chain and remove cascading effect of taxes.
The following Presentation enumerates the various provisions w.r.t. ITC, how it can be used,eligibilty and conditions for claiming ITC along with various case studies and illustrations. further, it elaborates the concept of input service distributor.
Find out the detailed explanation of the provisions relating to Input Tax Credit under the dual GST Law from the presentation . Give it a read and we would love to know your feedback!
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. GST subsumed various indirect laws in the country and the led to the formation of a common national market. In this webinar, we shall examine and understand the various registrations under the GST Law.
OBJECTIVE
Under GST, the supplier of goods or services is liable to pay the tax to the Government. However, under the reverse charge mechanism (RCM), the liability to pay GST is cast on the recipient of the goods or services. Reverse charge means the liability to pay tax is on the recipient of supply of goods or services instead of the supplier of such goods or services in respect of notified categories of supply. In this webinar, we shall understand the applicability and provisions of RCM under GST.
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. Timely refund mechanism is essential in tax administration, as it facilitates trade through the release of blocked funds for working capital, expansion and modernisation of existing business. In this webinar, we shall be learning the procedural aspects of refund under GST law.
GST is nothing but a value added tax on goods & services combined. It is the provisions of Input Tax Credit that make GST a value added tax i.e collection of tax at all points after allowing credit for the inputs
Introduction
This PPT explains the complete procedure regarding the GST registration in India. It also explains the complete registration rules as per GST act. This presentation also covers practical aspects to the GST registration in India. If you want to get the GST registration online, then you are at the right place.
Brief Registration rules
1. Every person shall be liable to be registered under GST if the total turnover (including exempt supplies) crosses the of Rs.20 lakh in a financial year. However, for north eastern states, the turnover limit is Rs.10 lakh.
2. To be eligible for GST registration, the person must have a valid PAN number (passport in case of non resident).
3. The GST registration is taken from the place where supply is executed. E.g. Mr. A is selling goods from his godown in Laxmi Nagar Delhi, and then he is liable to take registration from Laxmi Nagar, Delhi.
4. Turnover for registration is to be calculated on all India bases and not on state wise.
E.g. if you have business one at Delhi and another is in Uttar Pradesh, then for GST registration the total combine turnover of Delhi and UP is to be taken.
5. Person must apply for GST registration within 30 days of becoming liable for GST registration.
6. If a person wants to add a branch outside the state, then he shall need to apply for another GST registration in the respective state.
7. A person registered under GST voluntarily shall need to comply with GST like any other registered person.
Mandatory Registration
Further, there are another categories of taxpayers who are required to take GST registration in India irrespective of the turnover, i.e. even if the person has Re.1 turnover, he needs to get GST registration if he falls under the categories of mandatory registration.
Kindly read the presentation to know the complete information and procedure about the GST registration.
About the Author
This presentation has been prepared by CA Paras Mehra, who is professionally associated with www.hubco.in, an online legal website which deals in online GST registration, GST return filing, Company registration, Nidhi Company registration, Compliances etc.
Transition to GST could be a cumbersome process if preparations are not started immediately. VAT/Service tax taxpayers should complete the GST migration. Know more about GST Transitional Provision at https://cleartax.in/s/transition-to-gst/
DECODING GST- INPUT TAX CREDIT OF CGST, SGST AND IGSTCa Ashish Garg
Basic Concepts of Input Tax Credit, availment, utilization and reversal of input tax credit.
In every value added taxation structure, Input tax credit remains the backbone of such tax structures as it removes the cascading effect of taxes. In GST also being a value added tax, it is the intention of the lawmakers to allow seamless flow of credit in the supply chain and remove cascading effect of taxes.
It provides the understanding into the meaning of input, input services and capital goods for availing credits under India GST, with related conditions, restrictions and time limits
Short Term Course on GST- Input Tax CreditSandeep Gupta
This module deals with Input Tax Credit, an important element of GST. This module states the eligibility to avail ITC and events when ITC can not be availed.
Input tax credit & matching with return under gstNikhil Malaiyya
Input tax credit under GST, Matching with return under GST, Annual Return, Final Return, Monthly return, late filing fees under GST, Transitional Provision
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
Canadian Immigration Tracker March 2024 - Key SlidesAndrew Griffith
Highlights
Permanent Residents decrease along with percentage of TR2PR decline to 52 percent of all Permanent Residents.
March asylum claim data not issued as of May 27 (unusually late). Irregular arrivals remain very small.
Study permit applications experiencing sharp decrease as a result of announced caps over 50 percent compared to February.
Citizenship numbers remain stable.
Slide 3 has the overall numbers and change.
Presentation by Jared Jageler, David Adler, Noelia Duchovny, and Evan Herrnstadt, analysts in CBO’s Microeconomic Studies and Health Analysis Divisions, at the Association of Environmental and Resource Economists Summer Conference.
ZGB - The Role of Generative AI in Government transformation.pdfSaeed Al Dhaheri
This keynote was presented during the the 7th edition of the UAE Hackathon 2024. It highlights the role of AI and Generative AI in addressing government transformation to achieve zero government bureaucracy
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
Up the Ratios Bylaws - a Comprehensive Process of Our Organizationuptheratios
Up the Ratios is a non-profit organization dedicated to bridging the gap in STEM education for underprivileged students by providing free, high-quality learning opportunities in robotics and other STEM fields. Our mission is to empower the next generation of innovators, thinkers, and problem-solvers by offering a range of educational programs that foster curiosity, creativity, and critical thinking.
At Up the Ratios, we believe that every student, regardless of their socio-economic background, should have access to the tools and knowledge needed to succeed in today's technology-driven world. To achieve this, we host a variety of free classes, workshops, summer camps, and live lectures tailored to students from underserved communities. Our programs are designed to be engaging and hands-on, allowing students to explore the exciting world of robotics and STEM through practical, real-world applications.
Our free classes cover fundamental concepts in robotics, coding, and engineering, providing students with a strong foundation in these critical areas. Through our interactive workshops, students can dive deeper into specific topics, working on projects that challenge them to apply what they've learned and think creatively. Our summer camps offer an immersive experience where students can collaborate on larger projects, develop their teamwork skills, and gain confidence in their abilities.
In addition to our local programs, Up the Ratios is committed to making a global impact. We take donations of new and gently used robotics parts, which we then distribute to students and educational institutions in other countries. These donations help ensure that young learners worldwide have the resources they need to explore and excel in STEM fields. By supporting education in this way, we aim to nurture a global community of future leaders and innovators.
Our live lectures feature guest speakers from various STEM disciplines, including engineers, scientists, and industry professionals who share their knowledge and experiences with our students. These lectures provide valuable insights into potential career paths and inspire students to pursue their passions in STEM.
Up the Ratios relies on the generosity of donors and volunteers to continue our work. Contributions of time, expertise, and financial support are crucial to sustaining our programs and expanding our reach. Whether you're an individual passionate about education, a professional in the STEM field, or a company looking to give back to the community, there are many ways to get involved and make a difference.
We are proud of the positive impact we've had on the lives of countless students, many of whom have gone on to pursue higher education and careers in STEM. By providing these young minds with the tools and opportunities they need to succeed, we are not only changing their futures but also contributing to the advancement of technology and innovation on a broader scale.
Many ways to support street children.pptxSERUDS INDIA
By raising awareness, providing support, advocating for change, and offering assistance to children in need, individuals can play a crucial role in improving the lives of street children and helping them realize their full potential
Donate Us
https://serudsindia.org/how-individuals-can-support-street-children-in-india/
#donatefororphan, #donateforhomelesschildren, #childeducation, #ngochildeducation, #donateforeducation, #donationforchildeducation, #sponsorforpoorchild, #sponsororphanage #sponsororphanchild, #donation, #education, #charity, #educationforchild, #seruds, #kurnool, #joyhome
This session provides a comprehensive overview of the latest updates to the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (commonly known as the Uniform Guidance) outlined in the 2 CFR 200.
With a focus on the 2024 revisions issued by the Office of Management and Budget (OMB), participants will gain insight into the key changes affecting federal grant recipients. The session will delve into critical regulatory updates, providing attendees with the knowledge and tools necessary to navigate and comply with the evolving landscape of federal grant management.
Learning Objectives:
- Understand the rationale behind the 2024 updates to the Uniform Guidance outlined in 2 CFR 200, and their implications for federal grant recipients.
- Identify the key changes and revisions introduced by the Office of Management and Budget (OMB) in the 2024 edition of 2 CFR 200.
- Gain proficiency in applying the updated regulations to ensure compliance with federal grant requirements and avoid potential audit findings.
- Develop strategies for effectively implementing the new guidelines within the grant management processes of their respective organizations, fostering efficiency and accountability in federal grant administration.
3. EARLIER SCENARIO
INPUT TAX CREDIT OF :
- CENTRAL SALES TAX
- ENTRY TAX
- LUXURY TAX
WAS NOT AVAILABLE.
INPUT TAX CREDIT OF
VAT WAS NOT
AVAILABLE TO A
SERVICE PROVIDER.
INPUT TAX CREDIT OF
EXCISE DUTY, SERVICE
TAX WAS NOT
AVAILABLE TO A
DEALER IN GOODS.
4. SECTION 2(59) OF CGST ACT:
“input” means any
goods other than
capital goods
used or intended
to be used by a
supplier in the
course or
furtherance of
business.
5. SECTION 2(60) OF CGST ACT:
“input service”
means any
service used or
intended to be
used by a
supplier in the
course or
furtherance of
business.
.
6. SECTION 2(19) OF CGST ACT:
“capital goods”
means goods, the
value of which is
capitalised in the
books of accounts of
the person claiming
the credit and which
are used or intended
to be used in the
course or furtherance
of business.
7. SECTION 2(62) & (63) OF CGST ACT
"input tax" in relation to a taxable
person, means the central tax, state tax,
integrated tax or Union Territory tax
charged on any supply of goods or
services or both made to him … but
does not include the tax paid under the
composition levy.
“input tax credit” means the credit of
input tax.
8. SECTION 16: ITC ELIGIBILITY
Every registered person shall…
be entitled to take credit of
input tax charged on any
supply of goods or services or
both to him which are used or
intended to be used in the
course or furtherance of his
business and the said amount
shall be credited to the
electronic credit ledger of
such person.
EARLIER POSITION:
Inputs, Input
Services and
Capital goods were
eligible for credit
only when used in
or in relation to
manufacture of
final products or
for provision of
output services.
9. CGST ACT versus GSTN?
CAN THE CGST /
SGST PAID IN ONE
STATE BE TAKEN
AS CREDIT BY A
BUSINESS
REGISTERED IN
ANOTHER STATE?
10. WHICH SGST?
Section 2(104) of
CGST Act:
“State tax” means
the tax levied
under any State
Goods and Services
Tax Act.
11. BASIC CONDITIONS TO TAKE CREDIT
1. POSSESSION OF SPECIFIED DOCUMENTS.
2. RECEIPT OF GOODS / SERVICES BY PERSON
CLAIMING CREDIT… (what about goods
received in lots?)
3. TAX SHOULD BE PAID BY SUPPLIER TO THE
GOVERNMENT. (valid return)
4. CLAIMANT SHOULD PAY THE SUPPLIER, THE
VALUE (INCL. TAX) OF GOODS / SERVICES,
WITHIN 180 DAYS FROM DATE OF INVOICE.
12. CREDIT TO BE TAKEN ONLY ON:
• A TAX INVOICE (incl.
REVISED INVOICE)
ISSUED BY A SUPPLIER.
• INVOICE ISSUED BY THE
RECIPIENT FOR RCM
PURCHASES.
• A DEBIT NOTE ISSUED
BY THE SUPPLIER (incl.
SUPPLEMENTARY
INVOICES)
• A BILL OF ENTRY FOR
SIMILAR DOCUMENT
PRESCRIBED BY
CUSTOMS ACT OR
RULES THEREUNDER.
• AN INVOICE ISSUED BY
AN INPUT SERVICE
DISTRIBUTOR.
13. CAPITAL GOODS
THE ENTIRE
CREDIT CAN BE
TAKEN IN THE
YEAR OF
PURCHASE
ITSELF!
EARLIER, ONLY 50% OF CREDIT WAS
AVAILABLE IN THE YEAR OF PURCHASE;
BALANCE IN NEXT FINANCIAL YEAR
14. CAPITAL GOODS….
PROPORTIONATE
CREDIT SHOULD BE
REVERSED IN
RESPECT OF
EXEMPTED SUPPLIES
BASED ON THE
TURNOVER-BASED
FORMULA
PRESCRIBED.
DEPRECIATION
SHOULD NOT BE
CLAIMED UNDER THE
INCOME TAX ACT,
1961 ON THE TAX
COMPONENT OF
CAPITAL GOODS,
WHICH HAS BEEN
CLAIMED AS ITC.
THIS CONDITION DID NOT APPLY
TO CAPITAL GOODS EARLIER
SAME AS IT EXISTED PREVIOUSLY
15. TIME LIMIT TO TAKE CREDIT (GEN. CASES)
CANNOT BE TAKEN AFTER DUE
DATE FOR FILING MONTHLY
RETURN FOR SEPT OF
FOLLOWING FINANCIAL YEAR
(20TH OCT) TO WHICH SUCH
INVOICE OR INVOICE RELATING
TO SUCH DEBIT NOTE PERTAINS
OR ANNUAL RETURN FOR
CURRENT FINANCIAL YEAR (31ST
DEC), WHICHEVER IS EARLIER.
ONE YEAR
FROM THE
DATE OF ISSUE
OF SPECIFIED
DOCUMENTS.
EARLIER
POSITION:
16. APPORTIONMENT OF CREDIT
• CREDIT RESTRICTED TO
SO MUCH OF INPUT TAX
AS IS ATTRIBUTABLE TO
THE PURPOSES OF
BUSINESS.
• WHERE BOTH TAXABLE
AND EXEMPT SUPPLIES
ARE MADE, CREDIT TO
BE RESTRICTED TO THE
EXTENT OF TAXABLE
SUPPLIES, INCLUDING
ZERO-RATED SUPPLIES.
FOR APPORTIONMENT,
THE FOLLOWING
OUTWARD SUPPLIES WILL
BE TREATED AS EXEMPT
SUPPLIES–
a) Supplies under RCM,
b) Transaction in
securities,
c) Sale of land,
d) Sale of building (except
construction ….)
17. OPTION FOR FINANCIAL SECTOR
A BANKING COMPANY /
A FINANCIAL
INSTITUTION INCLUDING
A NBFC, ENGAGED IN
ACCEPTING DEPOSITS,
EXTENDING LOANS OR
ADVANCES, MAY OPT TO
TAKE 50% OF TAX PAID
ON INPUTS, INPUT
SERVICES AND CAPITAL
GOODS.
THIS SHALL NOT APPLY TO TAX
PAID ON SUPPLIES MADE BY
ONE REGISTERED PERSON TO
ANOTHER REGISTERED PERSON
HAVING THE SAME PAN.
18. LYING-STOCK CREDIT
PERSON ENTITLED TO
BE CREDIT, ONLY IF HE
APPLIES FOR
REGISTRATION WITHIN
30 DAYS OF LIABILITY.
PERSON VOLUNTARILY
REGISTERED.
STOCK AS ON WHICH
DATE?
INPUTS & INPUTS
CONTAINED IN (SEMI-)
FINISHED GOODS
19. LYING-STOCK CREDIT
PERSON CEASING
TO OPERATE
UNDER
COMPOSITION
SCHEME.
STOCK AS ON WHICH
DATE?
INPUTS; INPUTS
CONTAINED IN (SEMI-)
FINISHED GOODS; AND
CAPITAL GOODS
21. TIME LIMIT TO TAKE CREDIT
LYING STOCK
CREDIT:
TAX INVOICES
SHOULD NOT BE
MORE THAN ONE
YEAR OLD.
22. IF SUPPLY BECOMES EXEMPT…
WHEN A PERSON OPTS FOR
COMPOSITION SCHEME OR IF
THE SUPPLY BECOMES WHOLLY
EXEMPT, HE SHALL PAY AN
AMOUNT EQUAL TO CREDIT OF
INPUT TAX IN RESPECT OF
INPUTS, INPUTS CONTAINED IN
(SEMI-) FINISHED PRODUCTS
HELD IN STOCK AND ON
CAPITAL GOODS, ON THE DAY
IMMEDIATELY PRECEDING SUCH
OPTION OR EXEMPTION.
23. REMOVAL OF CAPITAL GOODS
In case of supply of capital goods
or plant and machinery, on which
input tax credit has been taken,
the registered person shall pay an
amount equal to the input tax
credit taken on the said capital
goods or plant and machinery
reduced by such percentage points
as may be prescribed or the tax on
the transaction value of such
capital goods or plant and
machinery determined under
section 15, whichever is higher.
WHAT
ABOUT
INPUTS
?
24. CHANGE IN CONSTITUTION OF BUSINESS
DUE TO SALE, MERGER,
DEMERGER, AMLAGAMATION,
LEASE OR TRANSFER OF
BUSINESS WITH SPECIFIC
PROVISIONS FOR TRANSFER
OF LIABILITIES, TRANSFER OF
CREDIT IS ALLOWED TO THE
NEW BUSINESS, IN SUCH
MANNER AS MAY BE
PRESCRIBED.
• IN CASE OF
DEMERGER, THE
INPUT TAX CREDIT
SHALL BE
APPORTIONED IN
THE RATIO OF THE
VALUE OF ASSETS
OF THE NEW UNITS
AS SPECIFIED IN THE
DEMERGER
SCHEME.
25. BURDEN OF PROOF
SECTION 155 OF CGST
ACT:
Where any person
claims that he is
eligible for input tax
credit under this Act,
the burden of proving
such claim shall lie on
such person.
26. INELIGIBLE CREDITS…
• MOTOR VEHICLES FOR
PASSENGER TRANSPORT.
• CATERING, HEALTH &
COSMETIC SURGERY
SERVICES.
• CLUB / GYM MEMBERSHIP.
• NON-OBLIGATORY
RENT-A-CAB, LIFE / HEALTH
INSURANCE SERVICES.
• TRAVEL BENEFITS TO
EMPLOYEES.
27. NEGATIVE LIST (SAMPLES)
• WORKS CONTRACT
SERVICES FOR
CONSTRUCTING
IMMOVABLE PROPERTY
(EXCEPT PLANT/
MACHINERY).
• GOODS / SERVICES FOR
CONSTRUCTION OF
IMMOVABLE PROPERTY
(EXCEPT PLANT /
MACHINERY).
28. WHAT IS PLANT & MACHINERY?
“plant and machinery”
means apparatus,
equipment, and machinery
fixed to earth by
foundation or structural
support that are used for
making outward supply of
goods or services or both
and includes such
foundation and structural
supports but excludes—
(i) land, building or any other
civil structures;
(ii) telecommunication towers;
and
(iii) pipelines laid outside the
factory premises.
29. NEGATIVE LIST (…continued)
• Goods / services on which tax has been paid
under section 10 (composition supplier);
• goods and/or services used for personal
consumption;
• Goods or services received by a non-resident
taxable person except goods imported by him.
• goods lost, stolen, destroyed, written off or
disposed of by way of gift or free samples; and
• any tax paid in terms of sections 74 (fraud,
suppression, willful misstatement cases).
30. RECOVERY OF WRONG CREDIT
SECTIONS 73 / 74 OF
CGST ACT:
WHEN ITC IS AVAILED
OR UTILISED WRONGLY,
IT SHALL BE
RECOVERED ALONG
WITH INTEREST.
NORMAL PERIOD TO ISSUE ORDER:
3 YEARS FROM DUE DATE FOR ANNUAL
RETURN (SCN TO BE ISSUED AT LEAST 3
MONTHS PRIOR TO PASSING OF ORDER)
EXTENDED PERIOD TO ISSUE ORDER:
5 YEARS FROM DUE DATE FOR ANNUAL
RETURN (SCN TO BE ISSUED AT LEAST 6
MONTHS PRIOR TO PASSING OR ORDER)
31. JOB WORK OF GOODS ON WHICH ITC IS TAKEN
- GOODS CAN BE SENT
DIRECTLY TO JOB
WORKER.
AFTER JOB WORK:-
- INPUTS TO BE RETURNED
IN 1 YEAR.
- CAPITAL GOODS TO BE
RETURNED IN 3 YEARS.
- MOULDS / DIES/ JIGS /
FIXTURES HAVE NO TIME
LIMIT.
32. IN THE NEXT CLASS, WE’LL SEE…
• Section 20: Input
Service Distributor.
• Section 41: Provisional
nature of credit .
• Sections 42-43:
Matching and reversal
of ITC.
• Section 49: Utilisation
of ITC.
• Section 50: Interest on
ineligible credit.
• Section 54: Refund of
unutilised credit.
• Section 97: Advance
ruling in respect of
ITC.
• Sections 73 & 74:
Penalty for taking
ineligible credit.