Showing posts with label Input Tax Credit. Show all posts
Showing posts with label Input Tax Credit. Show all posts

Sunday 30 July 2017

Documents on the basis of which Input Tax credit can be availed

 Input Tax Credit (ITC) can be taken on the basis of following documents:-
  • Invoice issued by a supplier of goods or services or both.
  • Invoice issued by recipient along with proof of payment of tax.
  •  Debit note issued by supplier.
  • Bill of entry or similar document prescribed under Customs Act.
  •  Revised invoiceDocument issued by Input Service Distributor.

Monday 19 June 2017

INPUT TAX CREDIT AVAILMENT AND UTILISATION

How to avail and utilise the credit of these taxes:
  
  • Credit of CGST should be utilised first for payment of CGST and than for payment of IGST.
  • Credit of SGST/UGST should be utilised first for payment of SGST/UGST and than for payment of IGST.

  • Credit of IGST should be utilised first for payment of IGST then for the payment of CGST and at last for the payment of SGST/UGST.
Note: Credit of CGST cannot be used for payment of SGST/UTGST
                                                          and 
          Credit of SGST/UTGST cannot be utilised for payment of CGST.