Input Tax Credit (ITC) under GST

Input Tax Credit under GST

Here is the Timestamps created by Babu Shanmugam of different topics covered in the Video.. Enjoy..

0:55 - Definition of input tax credit, input tax and input
3:37 - Requirements for availing input tax credit
6:00 - ITC after one year from the date of invoice
7:05 - ITC in advance payment by supplier
7:37 - Other matters regarding ITC
8:10 - Manner of taking ITC
10:23 - ITC at the time of registration
12:19 - ITC when person opt out of composition scheme
13:21 - Reversal of ITC if payment not made to supplier within three months.
14:51 - Reversal of ITC if goods become expempt
17:53 - Proportionate ITC when partly used for business or taxable supplies
18:41 - Recovery of ITC wrongly taken
18:57 - ITC of capital goods
20:06 - ITC if depreciation claimed on tax component
20:53 - Negative list of goods and services ineligible for ITC
21:22 - Motor vehicle
22:16 - Food, beauty treatment, health services, etc
23:03 - Membership of club, health and fitness centre
23:23 - Work contract services
24:11 - Construction services
24:31 - Composition schemes
24:47 - Lost, stolen, and free sample
25:03 - Goods and services used for personal consumption

[babushanmugam]

Got a good grasp of input tax credit. Thank your for the information.
I am marking the timestamps for future viewers.

0:55 - Definition of input tax credit, input tax and input
3:37 - Requirements for availing input tax credit
6:00 - ITC after one year from the date of invoice
7:05 - ITC in advance payment by supplier
7:37 - Other matters regarding ITC
8:10 - Manner of taking ITC
10:23 - ITC at the time of registration
12:19 - ITC when person opt out of composition scheme
13:21 - Reversal of ITC if payment not made to supplier within three months.
14:51 - Reversal of ITC if goods become expempt
17:53 - Proportionate ITC when partly used for business or taxable supplies
18:41 - Recovery of ITC wrongly taken
18:57 - ITC of capital goods
20:06 - ITC if depreciation claimed on tax component
20:53 - Negative list of goods and services ineligible for ITC
21:22 - Motor vehicle
22:16 - Food, beauty treatment, health services, etc
23:03 - Membership of club, health and fitness centre
23:23 - Work contract services
24:11 - Construction services
24:31 - Composition schemes
24:47 - Lost, stolen, and free sample
25:03 - Goods and services used for personal consumption


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[rohitgoyal]

Sir

Whether expenditure on repair and maintenance in factory building that has been charged to profit and loss account shall be eligible for ITC as we have not capitalized it in the books of accounts?

[tripurbestclasses]

Sir, can you plz tell me whether work contract tax will be subsumed by gst ?

[tripurbestclasses]

sir, unavailed cenvat credit on capital goods can be carried forward upon transition of gst. if cenvat credit comes to 5000 for current year 16-17 and unavailed cenvat credit comes to 5000 for next year 2017-18 as allowed in existing law than current year 5000 will be shown as opening balance in electronic credit ledger, when unavailed cenvat credit will be transfered to electronic credit ledger under gst. whether we should wait for one year 2017-18 to avail unavailed it on capital goods, or same can be allowed in first year itself 2016-17 as gst allow100 percent ITC in first year itself.

[canikitasharma]

hi in ur video u explained that input credit can be taken within 1 year from the date of invoice but its not 1 year its 180 days.

[rishabhjain]

IF ANY ASSESSEE WHO IS A RETAILER AND HAS STOCK OF 5 LAKH RUPEES ON 30.06.2017 ALL THE GOODS ARE OF 5 % VAT AND HAS A FIXED MRP BUT IN GST IT HAS 18 % RATE. HOW CAN HE AVAIL VAT CREDIT AND WHAT IS THE RATE OF CREDIT HE CAN NOT SALE GOODS MORE THAN MRP ( IF HE CHARGE 18% GST ON PRICE OF STOCK IT BECOME HIGH AND REACH ABOVE TO MRP) WHAT WILL BE THE TREATMENT OF STOCK IN GST AFTER RATE DIFFERENCE CASES

[CAPARTH]

Section number mentioned seems incorrect. Input tax is defined under section 2(62) and ITC is defined under section 2(63) of the CGST Act 2017. Kindly check the same