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.
Article is about when to apply GST Refund when goods or services are exported out of India. Legal provisions for process of GST refund scheme. GST is a destination based consumption tax where in the levy of tax moves along with goods and /or services.where a goods exporter is not in position to utilize the GST paid in inputs such as raw material , inputs etc. which are used for export of goods shall apply for refund of GST paid by goods exporter. By taking GST Refund Exporter of Goods can increase its business working capital.
Transitional provisions-under GST in Indiasanjay gupta
Coming July,1 2017 GST will be implemented in India. Transitional phase will be very painful for Registered dealers. This presentation deals with the Transitional provision under GST Act in India
Covers the provisions relating to Supply (Time of Supply, Place of Supply and Value of Supply rules), Reverse Charge Mechanism, Composition Scheme and HSN/ SAC Code classification guidelines
Comprehensive Understanding of GST Law - Payment of TaxCA Chirag kagzi
Chapter IX of model GST law has been analysed and summarized by me in this slide for professionals of Indirect taxation for their easy and clear understanding of payment of tax mechanism under GST regime.
This article comprises of basic compliances which every assessee shall be liable to comply with and in case, it defaults in complying with the same, he shall be subject to penalty and interest.
CA Ashish Garg
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.
Article is about when to apply GST Refund when goods or services are exported out of India. Legal provisions for process of GST refund scheme. GST is a destination based consumption tax where in the levy of tax moves along with goods and /or services.where a goods exporter is not in position to utilize the GST paid in inputs such as raw material , inputs etc. which are used for export of goods shall apply for refund of GST paid by goods exporter. By taking GST Refund Exporter of Goods can increase its business working capital.
Transitional provisions-under GST in Indiasanjay gupta
Coming July,1 2017 GST will be implemented in India. Transitional phase will be very painful for Registered dealers. This presentation deals with the Transitional provision under GST Act in India
Covers the provisions relating to Supply (Time of Supply, Place of Supply and Value of Supply rules), Reverse Charge Mechanism, Composition Scheme and HSN/ SAC Code classification guidelines
Comprehensive Understanding of GST Law - Payment of TaxCA Chirag kagzi
Chapter IX of model GST law has been analysed and summarized by me in this slide for professionals of Indirect taxation for their easy and clear understanding of payment of tax mechanism under GST regime.
This article comprises of basic compliances which every assessee shall be liable to comply with and in case, it defaults in complying with the same, he shall be subject to penalty and interest.
CA Ashish Garg
Input tax credit & matching with return under gstNikhil Malaiyya
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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/
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.
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
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
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 govt. is trying to move towards ONE NATION ONE TAX- GOODS & SERVICE TAX. Through this presentation we have tried our best to give a clear insight about the biggest tax reform.
Ethnobotany and Ethnopharmacology:
Ethnobotany in herbal drug evaluation,
Impact of Ethnobotany in traditional medicine,
New development in herbals,
Bio-prospecting tools for drug discovery,
Role of Ethnopharmacology in drug evaluation,
Reverse Pharmacology.
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
Overview on Edible Vaccine: Pros & Cons with Mechanism
S 6-Input tax credit under GST
1. CHAPTER-V OF CGST ACT
Read With Input Tax Credit Rules
Compiled By –
Surabhi Bansal | Exe cutive | I ndirect Tax Ve rtical
Asija & Associates LLP | Charte red Accountants
gst@asija.in
2. What is Input Tax Credit (ITC)
It is the credit of Input Tax .
What is Input Tax & how to claim it’s Credit?
Input Tax means: -
In relation to a registered 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 and includes—
The IGST charged on import of goods;
The tax payable under the provisions of Section 9 (3) & Section 9(4) of
CGST Act or SGST / UTGST Act or The tax payable under the
provisions of Section 5(3) & Section 5(4) of the IGST Act
But does not include the tax paid under the composition levy.
gst@asija.inGST Wing | Asija & Associates LLP
3. Who is eligible to take Input Tax Credit (ITC)?
Every Registered person shall Be entitled to take
Credit of input tax charged on goods/ services supplied to him,
Which are used or intended to be used in course or furtherance of
business, and
The said amount should be credited to his Electronic Credit Ledger.
gst@asija.inGST Wing | Asija & Associates LLP
4. No, ITC shall not be available in respect of the following: -
Motor vehicles and other conveyances except when they are used
for: –
Further supply of such vehicles or conveyances; or
Transportation of passengers; or
Imparting training on driving, flying, navigating such vehicles or
conveyances;
For transportation of goods;
gst@asija.inGST Wing | Asija & Associates LLP
5. No, ITC shall not be available in respect of the following: -
Supply of following goods/ services: -
Membership of a club, health and fitness centre,
Rent-a-cab, life insurance, health insurance &
Travel benefits of employees on vacation such as leave or home travel
concession
On which tax is payed under Composition Scheme (Section 10)
Received by a non-resident taxable person except on goods imported by
him
Used for Personal Consumption
Which are lost, stolen, destroyed, written off or disposed of by way of gift or
free samples;
gst@asija.inGST Wing | Asija & Associates LLP
6. No, ITC shall not be available in respect of the following: -
Food & beverages, outdoor catering, beauty treatment, health services,
cosmetic & plastic surgery, except
Where an inward supply of goods or services or both of a particular
category
Is used by a registered person
For making an outward taxable supply of the same category of goods or
services
Works contract services
When supplied for construction of immovable property,
Other than plant and machinery *,
Except where it is an input service for further supply of works contract
service
gst@asija.inGST Wing | Asija & Associates LLP
7. No, ITC shall not be available in respect of the following: -
Construction of an Immovable property:
◦ Goods or services received by a taxable person for construction of an
immovable property on his own account,
◦ other than plant and machinery*,
◦ including when used in course or furtherance of business.
* Plant and Machinery: -
It 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—
Land, building or any other civil structures;
Telecommunication towers; and
Pipelines laid outside the factory premises.
8. Conditions For Taking Input Tax Credit
8
No registered taxable
person shall be entitled to
take credit of any input tax
unless:
He is in possession of a tax invoice, debit note
or any other tax paying document(s).
He has received the goods and/or
services*
Tax has actually been paid
in respect of such supply to Government
He has furnished the monthly return
*Where goods are supplied to the recipient on direction of a registered person, it shall be deemed
that goods/ services have been received by such registered person.
What are the conditions for taking Input Tax Credit?
gst@asija.inGST Wing | Asija & Associates LLP
9. Documents For Taking Input Tax Credit
What are the Documentary requirements for taking ITC?
The Input Tax Credit shall be availed by a registered person, on the basis of
following Documents: -
Invoice issued to us by the supplier of goods or services; or
Invoice issued by us under Reverse Charge or for supply from
unregistered person; or
Debit Note issued by a supplier; OR
Bill of Entry or any similar document for the assessment of integrated
tax on imports as per Customs Act, 1962; or
Input Service Distributor invoice or Input Service Distributor credit note
or any document issued by an Input Service Distributor.
gst@asija.inGST Wing | Asija & Associates LLP
11. Some Poser’s on ITC
What if I have the Invoice, but the Goods is received in Lots, when will I get
ITC?
The registered person shall be entitled to take credit upon receipt of the last lot
or instalment.
What if I fail to make payment to supplier payment with in 180 day from
the date of issuance of Invoice?
If payment to supplier is not made within 180 days from date of issue of
invoice,
Amount of Input Tax Credit availed by the recipient, shall be added to his
Output Tax Liability, along with interest.
However the disallowed credit shall be allowed as credit, once the payment is
made by him to supplier towards the value of supply and tax thereon.
The said provision is not applicable to tax payable on Reverse Charge Basis
gst@asija.inGST Wing | Asija & Associates LLP
12. Can Depreciation and ITC both be charged on cost of capital goods?
No, Registered person can either claim depreciation or ITC on the tax
component of cost of capital goods and plant and machinery.
Is there a time limit under which I should claim ITC?
Yes, Input tax credit shall not be allowed after-
Due date of furnishing return for month of September following the
end of F.Y. to which such invoice relates, or
Furnishing of relevant Annual Return, whichever is earlier.
gst@asija.inGST Wing | Asija & Associates LLP
Some Poser’s on ITC
13. Credit Apportionment of ITC
If I use goods/ services partly for business and partly for other purpose,
how will I get ITC?
Where goods/ services are used
partly for business purpose and
partly for other purposes,
ITC shall be available for input used for business purpose only.
If I supply both taxable as well as exempt goods, how will I get ITC?
Where goods/ services are used
Partly for effecting taxable supplies including zero-rated supplies, and
Partly for effecting exempt supplies (including supplies on which tax is
paid on RCM, transactions in securities, sale of land and sale pf building.)
Credit shall be available for input tax attributable to taxable supplies
including zero-rated supplies.
gst@asija.inGST Wing | Asija & Associates LLP
14. ITC Under Special Circumstances
Every person who: -
Has applied for registration under GST within 30 days from the date
of becoming liable for registration,
shall be entitled to take credit of input tax in respect of inputs held
in stock and inputs contained in semi-finished or finished goods
held in stock,
on the day immediately preceding the date of which he becomes
liable to pay tax
Note: ITC can not be claimed w.r.t any supply whose Tax Invoice was issued before 1
year from the date of registration
gst@asija.inGST Wing | Asija & Associates LLP
If my turnover crosses 20 lacs and I want to get registration under
GST, will I get ITC of my existing stock held before registration?
15. ITC Under Special Circumstances
I want to get Voluntary registration under GST, will I get ITC of my
existing stock?
Every person who: -
Takes Voluntary Registration,
Shall be entitled to take credit of input tax in respect of inputs held
in stock and inputs contained in semi-finished or finished goods
held in stock,
On the day immediately preceding the date of grant of registration.
Note: ITC can not be claimed w.r.t any supply whose Tax Invoice was issued before 1
year from the date of registration
gst@asija.inGST Wing | Asija & Associates LLP
16. ITC Under Special Circumstances
I am composition taxpayer but my turnover crossed the limit of 75 lac
so now I have to register as normal taxable person, will I get ITC of my
existing stock?
Every person who: -
Ceases to be a Composition Taxpayer;
Shall be entitled to take credit of input tax in respect of inputs held in
stock and inputs contained in semi-finished or finished goods held in
stock,
On the day immediately preceding the from which he becomes liable to
pay tax under section 9.
Note: ITC can not be claimed w.r.t any supply whose Tax Invoice was issued before 1
year from the date of registration
gst@asija.inGST Wing | Asija & Associates LLP
17. ITC Under Special Circumstances
If goods/ services supplied by me were earlier exempt but now it has
become taxable, will I get ITC of my existing stock?
Every registered person who: -
Supplies exempt goods/ services which has now become taxable,
Shall be entitled to take credit of input tax in respect of inputs held in
stock and in semi-finished or finished goods held in stock, relatable to
such exempt supply, and
On capital goods exclusively used for such exempt supply
On the day immediately preceding the from which such supply
becomes taxable
Note: ITC can not be claimed w.r.t any supply whose Tax Invoice was issued before 1
year from the date of registration
gst@asija.inGST Wing | Asija & Associates LLP
18. ITC Under Special Circumstances
If the constitution of my business has changed, how will my ITC be
Treated?
Where there is change in constitution of a registered person on account of
Sale, Merger, Demerger, Amalgamation, Lease or Transfer of the business
With Specific Provision for transfer of Liabilities,
Then the said registered person shall be allowed to transfer the input tax
credit
Which remains unutilised in his electronic credit ledger.
Note:
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.
gst@asija.inGST Wing | Asija & Associates LLP
19. THANK YOU
FOR ANY QUERIES KINDLY CONTACT OUR GST TEAM :
CA Rahul Mishra
Partner
(rahul.mishra@asija.in)
CA Amber Agrawal
Associate Director
(amber.agrawal@asija.in)
CA Prakhar Gupta
Associate Director
(prakhar.gupta@asija.in)
ASIJA & ASSOCIATES LLP
CHARTERED ACCOUNTANTS
H.O. : 34/5 , GOKHALE MARG, LUCKNOW
PH. NO. : 0522-4004652,2205072
gst@asija.in
20. DISCLAIMER
This presentation has been prepared to provide a gist of the applicable
law pertaining to GST as issued till date. (29/06/2017)
For detailed insight and for better understanding of the various
provision of the law, the said presentation should be read along with
related provision of CGST Act, IGST Act, SGST Act & related rules.
We shall not be responsible for any decision taken on the basis of the
said presentation, without obtaining our professional guidance or
consultation on the matter for which reliance was made on this
presentation.”
Input Tax on Works Contract / Job Work and for Input Distributor shall
be covered by us in a presentation exclusively for these subjects.
gst@asija.inGST Wing | Asija & Associates LLP