Gearing Up for GST –Input Tax Credit under GST - Part 4

  • Category: Input Tax Credit
  • Date: 10-04-2017
  • Writers: CA Madhukar N Hiregange, CA Roopa Nayak

This article is based on the GST Bill 2017 which was released in public domain in last week of March 2017.    

Background  

The promise by all the FMs on the various forums and business expectation was that seamless credit would be permitted under GST. The reality is that restrictions on credit availment have been continued under GST regime except for traders getting service tax and service provider getting VAT credit. On going through Central GST Bill 2017, it can be seen...

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Gearing Up for GST –Input Tax Credit under GST - Part 4

  • Category: GST
  • Date: 10-04-2017
  • Writers: CA Madhukar N Hiregange, CA Roopa Nayak

Gearing Up for GST –Carry forward of accumulated credit to GST - Part 5

  • Category: GST
  • Date: 10-04-2017
  • Writers: CA Madhukar N Hiregange, CA Roopa Nayak

Gearing Up for GST - Understanding “Supply” under GST– Part 2

  • Category: GST
  • Date: 08-04-2017
  • Writers: CA Madhukar N Hiregange, CA Roopa Nayak

Gearing Up for GST – Levy and Composition scheme – Part-3

  • Category: GST
  • Date: 08-04-2017
  • Writers: CA Madhukar N Hiregange, CA Roopa Nayak

Input Tax Credit Under the CGST Act & Draft Rules – Is it seamless

  • Category: Input Tax Credit
  • Date: 02-04-2017
  • Writer: CA Madhukar N Hiregange

This paper has been written purely as a good and honorable citizen of India wanting us to reach the pride of place in the world tomorrow.  

The GST is said to be the biggest tax reforms in indirect taxation. The merger of 11 taxes; reduction in 200 + rates to less than a dozen; lesser compliance burden to the traders, manufacturers and some service sectors; the start of breaking down the barriers between the States- one unified market; reduction in costs – making goods competitive...

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Reversal of credit on exempted services before 30th June

  • Category: Input Tax Credit
  • Date: 02-04-2017
  • Writers: CA Madhukar N Hiregange, CA Mahadev R

Mechanism of availing Cenvat credit in case of manufacturers or service providers having both taxable and non-taxable activities has been subject to litigation. Lot of developments have happened in Rule 6 of Cenvat credit Rules 2004 in specifying the mechanism for availing the credits. The latest was in the year 2016. The scope of exempted services was enhanced with amendment of ‘exempted services’ meaning. Assesses would have opted for proportionate credit reversals for FY 2016-17...

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Input Tax Credit Under the CGST Act & Draft Rules – Is it seamless

  • Category: GST
  • Date: 02-04-2017
  • Writer: CA Madhukar N Hiregange

CENVAT credit on deposits insurance - Banks v/s Departments

  • Category: GST
  • Date: 24-03-2017
  • Writers: CA Madhukar N Hiregange, CA Ravi Kumar Somani

Impact of GST on Procurements

  • Category: GST
  • Date: 24-03-2017
  • Writers: CA Madhukar N Hiregange, CA Ravi Kumar Somani