Can ITC be claimed on exempt supplies? In the context of Indirect Taxation in India, ITC refers to Input Tax Credit, which allows businesses to offset the tax paid on inputs (goods or services) against the tax they collect on their output (sales). This is a critical aspect of the Goods and Services Tax (GST) […]
What is the time limit for claiming ITC? In India, the time limit for claiming Input Tax Credit (ITC) is governed by the provisions of the Goods and Services Tax (GST) Act, not the Constitution of India. The provisions for claiming ITC are defined under the Central Goods and Services Tax Act, 2017 (CGST Act),
What is blocked credit under GST? Under the Goods and Services Tax (GST) framework in India, Blocked Credit refers to the input tax credit (ITC) that cannot be claimed by a registered taxpayer. Even though the taxpayer incurs GST on certain goods and services, they are not allowed to claim credit for the tax paid
What is the definition of “supply” under GST? Under India’s Goods and Services Tax (GST) regime, the term “supply” is fundamental to the tax structure because GST is levied on the supply of goods and services. The definition of supply is broad and includes all forms of supply of goods and services, whether for a
How is the value of supply determined? he value of supply under the Goods and Services Tax (GST) is the transaction value of the goods or services provided, subject to certain adjustments, deductions, or inclusions based on specific provisions under the CGST Act, 2017, and IGST Act, 2017. Definition and General Provisions under GST Under
What is a “taxable supply”? A “taxable supply” refers to any supply of goods or services that is subject to GST under the provisions of the Goods and Services Tax (GST) law. It is a transaction where the supply of goods or services is made by a taxable person, and it is not exempt from
Are exports and imports considered taxable under GST? Under the Goods and Services Tax (GST) regime in India, exports and imports have distinct treatment in relation to taxation. While they are generally considered to be supply under the law, the taxation treatment differs significantly due to the special provisions related to exports and imports. Exports
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What is the time of supply for goods? Time of Supply for Goods under GST The time of supply is an important concept in the Goods and Services Tax (GST) regime. It determines when a transaction of supply is considered to have occurred for the purposes of levying GST. The time of supply determines the
What is the treatment of GST for petroleum products? Petroleum products like petrol, diesel, natural gas, and crude oil are significant contributors to India’s revenue. However, these products are excluded from the Goods and Services Tax (GST) framework under specific provisions of the GST laws and constitutional amendments. This exclusion has implications for businesses and
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What are the GST provisions for the transportation sector? The Goods and Services Tax (GST) regime in India, implemented on July 1, 2017, subsumed various indirect taxes, including those applicable to the transportation sector. The transportation sector, encompassing passenger transport (road, rail, air, and waterways) and freight services, is significantly impacted by GST provisions. Below
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