If the inputs are not received within 180 days from the invoice date, the ITC claimed on those inputs must be reversed, as the eligibility for claiming ITC depends on receiving the goods or services. Related Read:Input Tax Credit (ITC) Reversal Under GST ITC Reconciliation ITC reconciliation ...
Looking to claim Input Tax Credit under GST? In order to avail Input Tax Credit, a dealer needs to meet few conditions. Learn how to calculate ITC, time limit to avail ITC
As the name suggests, there are cases where the Input Tax Credit (ITC) claimed earlier needs to be reversed on the happening of certain events. The reversal could be on account of excess credit claimed earlier or events such as the use of capital goods for other than business purpose, good...
The principal can claim the input credit on the goods sent for job work if the goods are sent to the job worker from the principal’s place of business. The input credit can also be claimed if the goods are sent directly to the job worker without coming to the principal’s place of b...
The GST Invoice Management System (IMS) is a tool introduced on the GST portal to help taxpayers manage, track, and validate invoices from suppliers in real time, enhancing accuracy in claiming Input Tax Credit (ITC). Through IMS, recipients can accept, reject, or keep invoices pending, which...
I have purchased a JCB which is used for leasing to others Can I claim ITC on that JCB or not - GST
The Authority for Advance Rulings (AAR), West Bengal has recently declared that input tax credit (ITC) will not be admissible against the GST paid on the purchase of motor vehicles for supplying rent-a-cab service, under the section 17(5)(b)(i) of the GS
The experts of GST are watching continuously on various other transactions concerned with bogus input tax credits, which are claimed by bogus invoices. “We can’t disclose any particular details pertaining to this matter, however, we have red-flagged a few others also,” says the tax council....
- **ITC Time Limit:** Ensure that the ITC being claimed pertains to the same financial year (in this case, 2020-21) and that it is within the due dates prescribed for claiming ITC.- **System Glitch or Error:** Occasionally, technical glitches on the GST portal can cause issues with ...
to the GST regime. They would also need to make sure that they kept proper track of vendor compliances and had reliable documentation, such as information about the vehicle that delivered the goods, payment of freight charges, an acknowledgement of taking delivery of the goods, and so on. ...