GST-Goods and Service Tax - 229. page

Goods and Services Tax Act – GST Law

Section 16 (a) Registered person to avail credit: Every registered person subject to Section 49 (payment of tax), shall be entitled to take credit of input tax charged on any […]

Issues and Concerns (i) Rule 36 categorically provides that documents on which input tax credit is claimed should be in accordance with the format prescribed for such documents. Thus, an […]

Comparative review While CENVAT Credit Rules identified three components for credit availment, namely Input, Input Services and Capital Goods, the GST law allows input tax credit on goods and services […]

Apportionment of credit and blocked credit (1) Where the goods or services or both are used by the registered person partly for the purpose of any business and partly for […]

Reversal of input tax credit in case of non-payment of consideration. 1) A registered person, who has availed of input tax credit on any inward supply of goods or services […]

Relevant circulars, notifications, clarifications issued by Government 1. Chapter Nineteen of the compilation of the GST Flyers as issued by the CBIC on ‘Input Tax Credit Mechanism in GST’

Related Provisions of the Statute

Introduction Chapter V of CGST Act deals with input tax credit. The availment or otherwise of Input Tax Credit forms the cornerstone in a GST regime. GST can be understood […]

Relevant definitions: (a) Taxable person (2(107)): Means a person who is registered or liable to be registered under section 22 or section 24. As such, the liability to pay tax […]

Rule 34: Rate of exchange of currency, other than INR, for determination of value   1)  The rate of exchange for determination of value of taxable goods shall be:- the […]