Tag Archives: GST ITC

Circular No 98/18/2019 : GST ITC utilization Clarified : Rules 88A

By | April 24, 2019

Circular No 98/18/2019 Dated 23rd April 2019 Seeks to clarify the manner of utilization of input tax credit post insertion of the rule 88A of the CGST Rules. Video by CA Satbir Singh on Circular No 98/18/2019 Read Circular No 98/18/2019 F. No. CBEC – 20/16/04/2018 – GSTGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board… Read More »

GST Payment Rules Changed from 1.2.2019

By | January 26, 2019

GST Payment Rules Changed from 1.2.2019 जीएसटी भुगतान नियम बदल गए GST Payment Rules Changes from 01.02.2019 Section 49 of CGST Act 2017 : Payment of tax, interest, penalty and other amounts.  Amended by CGST Amendment Act 2018 w.e.f 01.02.2019 ,  in order to provide that the credit of State tax or Union territory tax… Read More »

GST ITC on holding Environmental Clearance & Forestry Clearance meetings

By | August 2, 2017

Question . Will ITC be available for holding Environmental Clearance (EC) and Forestry Clearance (FC) meetings and for obtaining ‘consent to operate’ the Mines? Answer: Yes, ITC on expenses incurred in the course or furtherance of business shall be available. Related GST FAQ GST on Mining Sector : FAQ GST on Handicraft Sector : FAQ 150… Read More »

How to take GST ITC on Bank Charges

By | July 26, 2017

How can we take ITC on bank charges as we won’t have invoices but only account statement Account statement is treated as invoice but it must contain your GSTIN.   Related Topic on GST Topic Click Link GST Acts  Central GST Act and States GST Acts GST Rules GST Rules  GST Forms GST Forms GST… Read More »

Input Tax Credit in GST ( India )

By | June 7, 2017

Input Tax Credit Mechanism Uninterrupted and seamless chain of input tax credit (hereinafter referred to as, “ITC”) is one of the key features of Goods and Services Tax. ITC is a mechanism to avoid cascading of taxes. Cascading of taxes, in simple language, is ‘tax on tax’. Under the present system of taxation, credit of… Read More »