Input Tax Credit GSt
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Input Tax Credit GST
Under GST Law, the input Tax Credit is all about claiming the credit of the GST paid on purchase of Goods and Services which are used for the furtherance of business. The system of Input Tax Credit is the backbone of GST and is one of the most important reasons for the introduction of GST in India.
Gst Input tax credit usage
Under the GST Law, the Input tax credit paid while purchase of goods or services, could be utilized at the time of paying tax on output, you can reduce the GST Tax which you have already paid on the inputs and pay the balance amount.
How the Credit note in GST flows
Credit note under GST is, if your invoice wrongly billed higher then actual value, then Credit not to be issued for the difference of the excess billed, or in case goods are returned or cancelled for some reason, then also Credit note to be issued to customer.
Ineligible Itc under GST.
Ineligible GST is the one, where the GST department has put few services under Negative list, that means those gst paid or payable are not eligible to for input credit. Example employee insurance paid along with GST not eligible for input tax credit, even though it auto reflect in the GSTr3B return, but shall be modified by removing the ineligible credit while filing the 3B return.
Document Required
1. An invoice issued by the supplier of goods or services
2. Invoice issued by the recipient of goods and services supplied by an unregistered dealer. Such supply comes under the reverse charge mechanism. This mechanism involves supplies made by an unregistered person to a registered person.
3. A debit note issued by the supplier if the tax charged is less than the tax payable in respect of such a supply.
4. A bill of entry or any similar documents is required to document an integrated tax on imports.
5. An invoice or credit note issued by an input service distributor as per the rules under GST.
6. A supply bill by a dealer opting for a composition scheme or an exporter or supplier of exempted goods.
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