Legal heir can transfer GST ITC on death of sole proprietor
Taxpayers guide on whether a legal heir can transfer the ITC to a new entity in case of death of sole proprietor. For more information on Cancellation of Registration
Tag Archives: Input tax credit
Circular No. 33/07/2018 GST : Non-transition of CENVAT credit /disputed credit u/s 140 CGST Act /Non-utilization
Circular No. 33/07/2018 GST Directions under Section 168 of the CGST Act regarding non-transition of CENVAT credit under section 140 of CGST Act or non-utilization thereof in certain cases-reg vide Circular No. 33/07/2018 GST Dated the 23 rd Feb., 2018 F. No. 267/67/2017 CX.8 Government of India Ministry of Finance Department of Revenue Central Board of Excise… Read More »
Final GST Input Tax Credit Rules – GST ITC Rules – Approved by GST Council – Download – Print
CHAPTER—- Input Tax Credit [ Final GST Input Tax Credit Rules 2017 / GST ITC Rules approved by GST Council on 18.05.2017 ) 1. Documentary requirements and conditions for claiming input tax credit (1) The input tax credit shall be availed by a registered person, including the Input Service Distributor, on the basis of any… Read More »
Input Tax Credit under GST (India)- Process & Conditions
Input Tax Credit under GST Registration for availing Input Tax Credit under GST: 1. The person intending to avail ITC should be Registered taxable person. 2. The supplier of goods and/or supplies in respect of which ITC is intended to be availed has to be registered under IGST or MGST as the case may be.… Read More »
Input Tax Credit under GST
Input Tax Credit provision of GST Input Tax Credit (ITC) is the core concept of GST as GST is destination based tax. ITC avoids cascading effect of taxes. Meaning of Input Tax Credit under GST Input Tax Credit is eligible only when it is credited to electronic credit ledger of taxable person. “Input tax credit”… Read More »
Rule 21(8) of Punjab Vat Act for reducing the Input tax credit effective from 01.4.2014:High Court
In the absence of any provision in the statute enabling the State of Punjab to notify rule 21(8) of the Rules with effect from January 21, 2014, the said provision would come into effect from April 1, 2014. However, since the notification by which rule 21(8) of the Rules was added to the Rules, was… Read More »