Complete Analysis of Input Tax Credit in GST #Input #Tax #Credit #ITC

📍In this session we have discuss each and every aspect of Input Tax Credit in GST. We have analyze the sections, rules, notifications, amendment and notifications till date. Under GST regime Input Tax Credit (commonly known as ITC or credit) have an important role and can be said as a backbone of GST.

🤔What is input Tax Credit?
Input tax credit (ITC) is the tax paid by the buyer on purchase of goods or services. Such tax which is paid at the purchase when reduced from liability payable on outward supplies is known as input tax credit. In other words, input tax credit is tax reduced from output tax payable on account of sales.

🙋Who need to watch this session?
We have covered everything related to ITC in this session from beginning to professional level. Hence this session will be helpful for all including
-Tax professional and consultant
-CA, CS, CMA & Advocates
-Student of ICAI, ICMAI & ICSI
-Law students
-Student of B.com and M.com
-Accountant

⏰What is the content of this session?
This is 7 hour comprehensive session covering all topics related to input tax credit. However for the ease you may also refer below time stamp-
0:00 Concept is ITC in GST?
32:33 Sec 16 Eligibility & Conditions for ITC
59:13 Clause (aa) of sec 16(1) added by FA 2021
1:55:33 Summary of sec 16
2:00:20 Sec 17 apportionment & Block Credits
2:26:18 Sec 17(5) Block Credits in GST
3:41:45 Rule 42 apportionment of input & input services
4:03:04 Rule 43 apportionment of capital goods
4:11:46 Sec 18 ITC in special circumstances
4:19:03 Sec 18(1)(a) ITC availment in case of mandatory registration
4:25:38 Sec 18(1)(b) ITC availment in case of voluntarily registration
4:28:52 Sec 18(1)(c) ITC availment from composite levy to regular
4:33:50 Sec 18(1)(d) ITC availment from exempt to taxable supply
4:37:16 ITC Forms in GST
4:49:50 Remaining provisions of sec 18
5:05:09 Sec 18(6) Supply of capital goods or plant and machinery
5:22:43 Sec 19 ITC on input or capital goods on goods send for Job work
5:32:53 Sec 20 ITC distribution by ISD
5:41:03 Recovery of ITC from ISD
5:42:53 List of sections and rules related to ITC
5:45:19 Rule 36(4) 5% provisional ITC
5:56:25 Manner and utilization of ITC
6:14:43 Rule 86A Condition of use of electronic credit ledger
6:19:55 Rule 86B Restriction on use of electronic credit ledger
6:28:52 How scam and bill treading happen in GST
7:19:52 Outro

👨🏻‍🎓How can i access other detail videos of GST?

📚Where are Notes of this sessions?

📚Books i refer for GST

📚Books i refer for Income Tax

Cheers Folks
Thanks for Watching :)
Team Fintaxpro

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Disclaimer- Although all provisions, notifications, updates, and live demos are analyzed in-depth by our team before presenting to the public. We hereby provide our point of view only and tax matters are always subject to frequent changes hence advisory is only for the benefit of the general public. Hence neither Fintaxpro Advisory LLP nor its designated partner is liable for any consequence that arises on the basis of YouTube videos.

©️Fintaxpro Advisory LLP

#ITC #Input #Tax #Credit

[pintuthakur_]

This season is increasing my acknowledgement ❤❤❤❤

[rkflute]

Sir pehle muje itna knowledge nahi tha itc k bareme lekin apka ye video dekh ke muje bohat confudence aya iske liye thanks a lot sir or me apke hi sare videos dekhunge bcos mene kai sare logo ko dekha lekin apke jesa detail me smjate hue nahi dekha thanks again sir✨

[chandankumarpandey]

Thankyou for comprehensive elaboration nd make us understand the complex topic cristal clear.

[shubhamrajput]

Sir ap bahut ache se samjhate ho apki sari videos bahut achi hoti hai

[sahilnaweed]

Thanks for providing such infornative videos and guiding us.

[parulsingh]

wow, great class you are a great and funny teacher/buddy thank you so much happy with your great information and way of talking. wow 🥰🥰

[mdnaushad]

Nice video sir 👍
I have a question, how to reverse ITC when we a restaurant service provider and charge tax @5% without ITC ?

[Sonuthakur-mequ]

Sir per jo business hum transfer karenge unka gst no aur transferee ka gst no same state ka hona chahiye jabhi hoga Verna nhi hoga .

[snehashukla]

Amazing session sir!!❤️Thank you soo much💯

[SumitKumar-fmfi]

Sir jb exempt goods bnane wali machine taxable goods bnane lge gi exlusively conversion ke bad to use common itc me kyo add kre ge uska to alag se milna chahiye na or agar common itc me le bhi lete hai to to use life time use less kyo krna hai jb itc liya he nhi to less kyo krna or har month exempt or to tournover change bhi to hoga to har bar calculate kre ge ya fix amount

[Sonuthakur-mequ]

Sir yaha par Audi car ka use nhi ho sakta Q ki vo Audi car design hi person ke liye hai toh uska use goods ke liye possible hi nhi hai is case main fas sakte hai peeli plate ka bhi dekhna hota hai

[Sonuthakur-mequ]

Sir, I purchased the exempt goods and now I am selling the exempt goods, supplying in SEZ and outside India at zero rate, so now what rate will I charge on the exempt supplies? .

[mohitbansal]

3:14:12 sir agar office me cabin bantai hai jo fixed nai hai movable hai to itc claim kar saktai hai

[aslia]

Sir app ki computation template excel me hamara filpkart seller ka gst check kaise kare... iski Koi video hai kya....

[henishasoni]

Very informative and practical aspects thank you

[Sonuthakur-mequ]

Sir ek person hai usne apni factory banwai aur usi factory main ek office saath saath apne liye bhi banaya hai toh kya us factory ko banane main jo gst diya hoga aur jo usne khud ke liye office banaya hai uska itc milega ya nhi.

[manojgoyal]

Sir aap ca final ki coaching dete ho kya

AAP bhut acha pdhate ho

[Realchiragvaish]

If I am Liable to register under GST on NOVEMBER Month So before November My sales bill is not uploaded on GST portal So My Turnover Will be Showing Less that I have Original TURNOVER.

Eg. In November i take GST Number so now i am issuing TAX Invoice So before November My turnover was 40lac but in November Sale is 3Lac so i uploaded November bills on Gst portal but it showing only 3Lac my turnover

[kaparna]

thanks a lot sir, toughest topic
is thought in a very simple procedure

[lifeofBaishali]

is this lecture for ca intermediate student ?? please reply