Input Tax Credit Archives

All About ITC Transfer Form ITC-02A | Rule 41A | New Functionality on GST Portal | Must Read

Why ITC-02A has to be filed? if registered person intends to transfer the unutilized ITC lying in Electronic Credit Ledger to newly registered place of business then details in Form ITC-02A has to be furnished. To whom this facility is available? This facility is available…

0 Comments

May 26, 2020

Input Tax Credit / News and Media

Government Unlikely To Exempt Masks, Ventilators, PPEs From GST. Here’s Why

The government is unlikely to exempt on medical items such as ventilators, PPEs, masks, test kits and sanitisers from goods and services tax as it would lead to blocked input tax credit, increasing the cost of manufacturing and increase the price for consumers. There…

0 Comments

April 20, 2020

Input Tax Credit

10% Credit Rule Relaxed in terms of Covid Outbreak

Rule 36(4) of the CGST Rules, 2017, contains provisions which impose restriction on availment of Input Tax Credit (ITC) which reads as follows "(4) Input tax credit to be availed by a registered person in respect of invoices or debit notes, the details of which…

0 Comments

April 6, 2020