Input Tax Credit

RCM - ITC Liability Statement
Opening balance of RCM ITC can be reported in the new facility available in portal 
Wed, 18 Sep, 2024 at 3:44 PM
Can ITC be availed on Bill to-Ship to transactions?
In Bill to-Ship to transactions, there would be 3 parties and 2 invoices involved. Therefore, both buyers can avail credit using the invoices received from ...
Mon, 21 Mar, 2022 at 10:27 PM
Can ITC be availed on CSR expenses?
Yes. As a company cannot operate without providing benefits to its stakeholders, any expenditure in relation to CSR is made in the course or furtherance of ...
Mon, 21 Mar, 2022 at 10:26 PM
Can ITC be availed on construction of immovable property if it is to be let out for commercial purposes subsequently?
Yes. ITC can be claimed as the construction directly contributes to the further outward supply
Mon, 21 Mar, 2022 at 10:25 PM
Can ITC be availed on food and beverages supplied in a conference?
The Conference services provided by the supplier is a principal supply and any consideration collected from the attendees is deemed to be collected inclusiv...
Mon, 21 Mar, 2022 at 10:24 PM
Can ITC be claimed on demo pieces given for sales promotion?
Yes. As the main intention to provide demo pieces is to garner the prospective new customer, it is an integral part of business and hence, ITC can be availed
Mon, 21 Mar, 2022 at 10:24 PM
Can ITC be obtained on the part of purchases,which on the process of conversion into Finished Goods,gets eliminated as non taxable waste?
Yes. ITC can be claimed on the full value of purchases
Mon, 21 Mar, 2022 at 10:23 PM
When shall the ITC of payment made under RCM be taken?
The ITC of payment made under RCM shall be taken in the same month for which RCM is paid. But the RCM payment shall be paid only by debiting the Electronic ...
Mon, 21 Mar, 2022 at 10:21 PM
As per Section 16(4), ITC can be claimed within due date of filing September return of the next Financial Year or the date of filing annual return whichever is earlier. If the taxpayer files September return belatedly, can he avail the I
It is to be noted that the time limit taken into consideration is only the due date of filing September return and not the date of filing September return. ...
Mon, 21 Mar, 2022 at 10:21 PM
Can ITC pertaining to period before October 2019 be restricted on the grounds that it is not reflected in GSTR2A?
No. GSTR2A was introduced only from 09-10-2019. Therefore, ITC before that period cannot be denied on the grounds that it is not reflected in GSTR2A
Mon, 21 Mar, 2022 at 10:20 PM