GST Input Tax Credit (ITC) Rules |Claim ITC on RCM ?और इन Expenses पर गलती से भी Input Credit ना ले
GST Input Tax Credit (ITC) Rules |Claim ITC on RCM ?और इन Expenses पर गलती से भी Input Credit ना ले
What is input credit?
Input credit means at the time of paying tax on output, you can reduce the tax you have already paid on inputs.
How to Claim Input Tax credit ?
To claim input credit under GST –
You must have a tax invoice(of purchase) or debit note issued by registered dealer
Note: Where goods are received in lots/installments, credit will be available against the tax invoice upon receipt of last lot or installment.
You should have received the goods/services
Note: Where recipient does not pay the value of service or tax thereon within 3 months of issue of invoice and he has already availed input credit based on the invoice, the said credit will be added to his output tax liability along with interest.
The tax charged on your purchases has been deposited/paid to the government by the supplier in cash or via claiming input credit
Supplier has filed GST returns
Possibly the most path breaking reform of GST is that input credit is ONLY allowed if your supplier has deposited the tax he collected from you. So every input credit you are claiming shall be matched and validated before you can claim it.
Therefore, to allow you to claim input credit on Purchases all your suppliers must be GST compliant as well.
Documents on the basis of which credit can be
availed are:
a. Invoice issued by a supplier of goods or services or
both
b. Invoice issued by recipient alongwith proof of
payment of tax
c. A debit note issued by supplier
d. Bill of entry or similar document prescribed under
Customs Act
e. Revised invoice
f. Document issued by Input Service Distributor
ITC is not available in some cases as mentioned in section
17(5) of CGST Act, 2017. Some of them are as follows:
a. motor vehicles and other conveyances except under
specified circumstances.
b. goods and/or services provided in relation to:
i. Food and beverages, outdoor catering, beauty
treatment, health services, cosmetic and plastic
surgery, except under specified circumstances;
ii. Membership of a club, health and fitness center;
iii. Rent-a-cab, life insurance, health insurance
except where it is obligatory for an employer
under any law;
iv. Travel benefits extended to employees on
vacation such as leave or home travel concession;
c. Works contract services when supplied for
construction of immovable property, other than
plant & machinery, except where it is an input service
for further supply of works contract;
d. Goods or services received by a taxable person for
construction of immovable property on his own
account, other than plant & machinery, even when
used in course or furtherance of business;
e. Goods and/or services on which tax has been paid
under composition scheme;
f. Goods and/or services used for private or personal
consumption, to the extent they are so consumed;
g. Goods lost, stolen, destroyed, written off, gifted, or
free samples;
h. Any tax paid due to short payment on account
of fraud, suppression, mis-declaration, seizure,
detention.
GST Input Tax Credit | ITC in GST | ITC on Reverse Charge
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