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 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
How is the rate of GST on food and beverages determined? The Goods and Services Tax (GST) on food and beverages in India varies depending on the type of food product and the circumstances in which it is sold or consumed. The GST rates are broadly classified into categories like essential food items, processed food,
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What is HSN code, and how is it used under GST? HSN Code (Harmonized System of Nomenclature) is an internationally standardized system of names and numbers used to classify traded products. It is used for the identification of goods and services under the Goods and Services Tax (GST) system in India, and it helps in
What is a SAC code in GST? What is a SAC Code in GST? SAC Code (Services Accounting Code) is a systematic numerical code used for the classification of services under the Goods and Services Tax (GST) regime in India. Just like the HSN Code (Harmonized System of Nomenclature) is used to classify goods, the
How are real estate transactions affected by GST? Real estate transactions in India have undergone significant transformation with the introduction of the Goods and Services Tax (GST). GST has replaced multiple indirect taxes such as VAT, service tax, and excise duty, creating a unified taxation structure. Its application to real estate is governed by provisions
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