What is the reconciliation process in GST? The reconciliation process in the context of Goods and Services Tax (GST) refers to the act of ensuring that all the tax-related records, such as sales, purchases, output tax, input tax credit (ITC), and GST returns, are accurate and consistent. This process is crucial for ensuring compliance with […]
What is GSTR-9, and who must file it? What is GSTR-9 and Who Must File It? GSTR-9 is the annual return that businesses registered under Goods and Services Tax (GST) must file, providing a comprehensive summary of all the transactions conducted throughout the year. It includes details about the taxpayer’s outward supplies, inward supplies, input
How are GST refund processed? The Goods and Services Tax (GST) system allows taxpayers to claim a refund for various reasons, such as excess tax paid, input tax credit (ITC) accumulation, export of goods and services, or when a taxpayer is not liable to pay GST in certain circumstances. The GST refund process is designed
How is the tax liability calculated under GST? The tax liability under the Goods and Services Tax (GST) is calculated based on the value of supply and the applicable tax rate (CGST, SGST, IGST, or UTGST). The calculation of tax liability is a critical part of ensuring compliance with GST law, as it directly affects
What is input tax credit (ITC) under GST? What is Input Tax Credit (ITC) under GST? Input Tax Credit (ITC) is a key feature of the Goods and Services Tax (GST) system, which allows businesses to claim credit for the tax paid on inputs (goods and services) used to produce or provide taxable output supplies.
Who is eligible to claim ITC? Input Tax Credit (ITC) is a mechanism under the Goods and Services Tax (GST) framework in India that allows businesses to reduce the tax they have paid on inputs from the tax they need to pay on their output. The provisions related to ITC are governed by the Central
Can ITC be claimed on capital goods? Input Tax Credit (ITC) on capital goods is a critical aspect under the Indian Goods and Services Tax (GST) framework. The provisions related to ITC on capital goods, relevant acts, and landmark cases can be outlined as follows: 1. Relevant Provisions under GST Law The provisions related to
How is the place of supply determined for goods? The place of supply is a critical factor in determining the applicability of GST in India. It helps to identify whether the supply is intra-state or inter-state, which, in turn, determines the type of tax that applies (CGST + SGST or IGST). Under the Goods and
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Are there any restrictions on claiming ITC? Input Tax Credit (ITC) is governed by the Goods and Services Tax (GST) laws in India, specifically under the Central Goods and Services Tax Act, 2017 (CGST Act, 2017) and relevant rules. Here is a breakdown of the provisions, restrictions, and landmark cases related to ITC: Provisions for
How is ITC reversed? In India, Intra-Territorial Conflict (ITC) is not a standard legal term in the context of constitutional law. However, if you are referring to the reversal or suspension of provisions of the Indian Constitution or changes in the application of the Constitution in specific territories (like state boundaries, governance, or other constitutional
