2. Claiming Input Tax Credit A GST number is also necessary to claim the input tax credit, which is the amount of GST paid on the goods or services purchased for business purposes. Input tax credit claim is likely for a GST-registered person only if the supplier has uploaded the invoice ...
Eliminating Cascading Effect: Under the Indian GST system, businesses can claim input tax credit for the GST they paid on their purchases. This ensures that taxes are levied only on the value added at each stage of the supply chain. Sector-specific Exemptions: Certain sectors, such as healthca...
Recently The Authority for Advance Ruling (AAR), Madhya Pradesh stated that the input tax credit will not be available on the goods and services taken and used on the construction of warehouses and the same are deployed for rent as per the Section 17(5)(d) of CGST Act, 2017. Then, it...
what is the rate of gst on online lottery ? and whether reverse charge mechanism is attracted on sale through online lottery by an agent ( who is not a distributor) 19 June 2017NANDAN What is GST if room tariff to stay is less than 2500 rs ...
Input tax includes CGST, SGST, IGST, UTGST, and taxes under the reverse charge mechanism. It excludes taxes paid under the composition scheme. 3. Can we claim ITC on hotel stays? Yes, ITC can be claimedGST on hotelservices if the hotel charges SGST and CGST, and it’s located in the...