GST-Goods and Service Tax - 224. page

Goods and Services Tax Act – GST Law

Eligibility and Time Limit for Availing ITC

Manner of recovery of credit distributed in excess Where the Input Service Distributor distributes the credit in contravention of the provisions contained in section 20 resulting in excess distribution of […]

Concept of ITC : “Input tax” means IGST (including that on import of goods), CGST, SGST and UTGST; Charged on any supply of goods or services and; Includes the tax […]

Principles on Input Tax Credit System for a seamless flow of credit Extends to inter-State supplies Credit utilization would be as follows [Sec 49(5)]: *The numbers represent the order of […]

Conditions for Availment of ITC by a Registered Taxable Person – Sec 16 Note: Credit only upon receipt of the last lot/ instalment in case of goods received in lots […]

ITC in case of Capital Goods “capital goods” means the goods, the value of which is capitalized in the books of accounts of the person claiming the credit and which […]

Introduction of Procedure for distribution of input tax credit by Input Service Distributor :   This Section sets forth the way input tax credit (of services) is distributed to supplier […]

Relevant period for distribution of credit: (a) If the recipient of credit has turnover in their State in preceding financial year of the year in which credit is distributed – […]

Input Service Distributor – Sec. 20 :  ITC is distributed to supplier of goods or services or both of same entity having the same PAN as the ISD  […]

Comparative review These provisions are similar to the provisions contained in the Rule 7 of CENVAT credit rules for distribution of credit of input service by an ISD It appears […]