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Input Tax Credit

List of articles related to Input Tax Credit category are listed here.

Interest on ITC Reversals under GST

Interest on ITC Reversals under GST

After the recommendations of 45th GST Council Meeting, there has been some clarity about interest on ITC reversals.

Saturday, July 9, 2022

ITC Reversal in case of insurance claim

ITC Reversal in case of insurance claim

As per section 17(5) of the CGST Act 2017 if goods are lost, stolen or destroyed and are not used for the furth

Sunday, May 15, 2022

ITC Reversal for Credit Notes reflected in GSTR-2A

ITC Reversal for Credit Notes reflected in GSTR-2A

If the supplier of taxpayer has issued a “GST Credit Note” as per section 34 of CGST Act within pres

Sunday, May 15, 2022

ITC Reversal for payment after 180 days

ITC Reversal for payment after 180 days

When the taxable person is not able to pay his supplier within 180 days, he has to reverse the ITC taken on tha

Sunday, May 15, 2022

GST Tran-1 and Tran-2 Issues

GST Tran-1 and Tran-2 Issues

Here is the list of common issues found in GST Tran-1 and Tran-2 during GST Audit: # Tran-1 related * Sum of all closing

Friday, June 17, 2022

Common ITC Reversal in GST

Common ITC Reversal in GST

Whenever a taxable person supplies both taxable (including zero rated) and exempted supplies. He has to reverse the common I

Friday, April 8, 2022

Ineligible/blocked credit under GST

Ineligible/blocked credit under GST

As per section 17(5) of CGST Act 2017, certain types of input credits are not allowed unless it is used for same na

Sunday, April 24, 2022

Matching of claimed ITC | GSTR-2A/B vs GSTR-3B

Matching of claimed ITC | GSTR-2A/B vs GSTR-3B

Matching of claimed ITC in GSTR 3b with the auto populated GSTR 2B using the software based on few impor

Sunday, June 12, 2022