Cenvat credit granted to Manufacturer of excisable goods for AED and SAD paid on “inputs” and “capital goods”
Cenvat credit granted to provider of taxable services for AED paid on “inputs” and “capital goods”
Taxes paid to Central set off with taxes payable to Central
Presently basic rate – no education cess
Cenvat credit granted to Manufacturer of excisable goods for ED paid on “inputs” and “capital goods”
Cenvat credit granted to provider of taxable services for ED paid on “inputs” and “capital goods”
Taxes paid to Central set off with taxes payable to Central
Each state has its own VAT – APVAT, MVAT etc.
Each state has its own VAT – APVAT, MVAT etc.
Input Tax Credit (‘ITC’) granted to Manufacturer of taxable goods for Local VAT paid on goods including capital goods
ITC granted to trader of goods for local VAT paid on purchase of goods
Taxes paid to a State Govt. set off with taxes payable to a State (liability for VAT and CST)
Reversal of ITC on Stock transfer etc.
Central Act – administered and collected by each State etc.
No Input Tax Credit (‘ITC’) of CST to Manufacturer / Trader
CST paid in one state can not be adjusted with CST
CST paid to “origin” state “State Govt.” can not be set off with any other taxes (CST or VAT)
Basic rate - no education cess
Basic rate - no education cess
SBC :15th Nov’2015 – Not set off
KKC : 1st June’ 2016 – Set off only to service provider
Cenvat credit granted to Manufacturer of excisable goods for ST paid on “input services”
Cenvat credit granted to provider of taxable services for ST paid on “input services”
Taxes paid to Central set off with taxes payable to Central
Capital goods – Goods the value of which is capitalized in the books of accounts of the person claiming the credit and which are used in the course of furtherance of business
Capital goods – Goods the value of which is capitalized in the books of accounts of the person claiming the credit and which are used in the course of furtherance of business
Input – any goods other than capital goods used in the course of furtherance of business
Input service means any service used in the course of furtherance of business
Input Service Distributor
Distribution of GST paid on input services to other offices
Input tax – CGST, SGST and IGST paid on any goods or services including import of goods
Eligible Input tax credit as per GST Act
Eligible Input tax credit as per GST Act
CGST / SGST / IGST / UGST charged on any supply of goods and services and includes:
IGST paid on import of goods
CGST / IGST / SGST / UGST paid under Reverse charge on goods and services
CGST / IGST /SGST / UGST paid under Reverse charge on supply of goods and services from unregistered person
Input tax credit as self assessed in the return of a registered person to be credited to his Electronic Credit Ledger
Input tax credit as self assessed in the return of a registered person to be credited to his Electronic Credit Ledger
Conditions for availing Input Tax credit
Possession of tax invoice / Debit note issued by Regd. supplier
Receipt of goods / services
Tax is paid by the supplier
Return is filed by the recipient of goods / services
Amount towards supply of goods and services and tax thereon to be paid to supplier within 180 days from the date of invoice
Not eligible if depreciation on tax claimed under Income tax
Credit to be availed before the due date of filing return for September following the end of financial year or filing of annual return
Input tax credit admissible only if engaged in taxable supplies
Input tax credit admissible only if engaged in taxable supplies
Restriction on pipelines and telecommunication tower fixed to earth (to be availed over a period of time)
