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I have filled GSTR 1 on 11 01 2022 My Tax is approx 50K My supplier has not filled his GSTR 1 so i am unable to use ITC which is around 55K Now he is saying he will file GSTR 1 in Feb 2022 So my question is can i use ITC of Feb 2022 to pay the Tax of Jan
Under theGoods & Service Taxregime, ITC can be availed by every registered taxable person on all inputs used or intended to be used in the course of or for the furtherance of business – be it goods or services. Similarly, ITC will also be available on capital goods used in the course...
ITC computation not only needs data from the GST system i.e.GSTR2Abut also additional information which is available in the accounting or ERP systems. Hence, there are various steps and events that taxpayers need to track internally which can help timely and correct computation of ITC. This in...
We know that ITC is not available on works contract services when supplied for construction of an immovable property except plant and machinery. However, ITC for works contract can be availed only by person who is in the same line of business and is using ...
FAQ 4. What documents will not be made available in IMS but will be part of GSTR-2B? Records flowing from form GSTR 5 (NRTP), GSTR 6 (ISD) ICEGATE documents Output RCM records Document where ITC is ineligible due to POS rules & Section 16(4) of CGST Act (time limit) Documents ...
Learning about ITC, it is the credit which is available for the payment of taxes on the inputs used across the value chain. This makes the complete production transparent and efficient and it also facilitates any audit trails to extract tax evasion. “It does go against the very spirit of ...
It was not the intent to punish every taxpayer with such a high rate in normal cases and without a matching facility being made available to the recipient. At present, the date of ling of GSTR -2 has been extended and thus, matching is also extended till such time. In such a scenario...
A.8. Yes, the input tax credit will be available in case of works contracts (except capital goods) but it would not be available for transfer of rights to use goods. Q.9. Whether input tax credit will be admissible for capital goods also? A.9. Yes. Input tax credit will be admiss...