Category: Input Tax Credit

New

Input Tax Credit Rules under New GST Returns

Input Tax Credit is the heart of GST compliance for all taxpayers. It is the provision of input tax credit that ensures that taxpayers only need to pay GST on the value added to the goods or services supplied. In the first phase of GST…

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Get ready for GST with Tally.ERP 9 Release 6

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How to Manage Unutilised Input Tax Credit Resulting from Rate Changes?

In our previous blogs, we have gone through the plethora of GST rate changes which have been introduced by the GST Council for various goods as well as services. The reduction of rates is indeed a welcome move for consumers, and at first look, it…

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Get ready for GST with Tally.ERP 9 Release 6

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Invoice Matching under GST for ITC

Under GST, a recipient of a supply can avail input tax credit (ITC) of the supply only on successful matching of invoice details with the supplier. The invoice wise details furnished by suppliers in Form GSTR-1 will be matched with the details of inward supplies…

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Get ready for GST with Tally.ERP 9 Release 6

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ITC on Outstation Hotel Stays

For businesses, availing accommodation in destinations outside the State where they are registered, is common. This could be for business events, meetings, seminars, employee engagement activities, functions, etc. In the previous tax regime, under Service Tax, there was no concern with regard to ITC on outstation…

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Get ready for GST with Tally.ERP 9 Release 6

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Tax liability and ITC on GTA Service under GST

This article has been updated as per the GST Council’s decision to exempt transportation service provided by GTA to non-specified persons. In our previous blog, we have understood who a GTA is and the GST tax rates applicable to the service of transportation of goods…

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Get ready for GST with Tally.ERP 9 Release 6

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How to Claim Input Tax Credit on Business Expenses

The input tax credit provisions under GST are framed with a border perspective to allow the tax credit on all the inward supplies. Now, businesses can claim input tax credit on all the inputs or input services which are “used or intended to be used…

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Get ready for GST with Tally.ERP 9 Release 6

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Taxes Eligible for ITC on Opening Stock of 1st July

GST, a comprehensive indirect tax system introduced on 1st July, 2017, has subsumed a host of Central and State levied taxes and has transformed the entire nation as ‘One Nation –One Tax –One Market’. The convergence of taxes into a single indirect tax system is…

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Get ready for GST with Tally.ERP 9 Release 6

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Your Checklist for Claiming Input Tax Credit (Downloadable)

Input tax credit is a critical component of compliance under GST. While input tax credit is available on all inputs used in the course of business or for furtherance of business, certain conditions have been laid down for claiming the input credit. Also, input tax…

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Get ready for GST with Tally.ERP 9 Release 6

60,085 total views, 48 views today

How to Carry Forward Closing Balance of ITC from Earlier Regime to GST?

GST , a comprehensive indirect tax system, was introduced on 1st July, 2017. The businesses are in the transition phase, and doing everything possible to get equipped with new taxation reform. Among the various aspects, migrating of input tax credit (ITC) is an important one….

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Get ready for GST with Tally.ERP 9 Release 6

51,465 total views, 6 views today

Reversal of GST Input Tax Credit (ITC)

GST, a comprehensive indirect tax system introduced on 1st July, 2017, is a transaction-based, technology-driven tax system. Under GST, compliance becomes a key factor for the success and credibility of businesses. GST compliance works on the concept of Self-Monitoring mechanism, under which the input tax…

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

51,882 total views, 30 views today