Sun Back Office Solutions

゚

CLASS-7

For better understanding of GST

1.Tax Rate

It is highly commendable to note that Government has made public the rate structure in GST. You are requested to carefully go through the same and arrive at a classification for the product concerned. To avoid disputes at a later stage any doubt may be clarified immediately. At this stage do not get carried away by any report. Look the rate schedule only and minutely.

2.Any Excise Duty or VAT or Service Tax exemption granted as an incentive against investment through a notification shall not continue as privilege if the said notification is rescinded on or after the appointed day.

3.ITC -1

Chapter V Section 16 to 21 of CGST Act contains provisions relating to Input Tax Credit.
Every registered person shall be entitled to take credit of input tax charged on any supply of goods or services or both which are used or intended to be used in the course or furtherance of his business. The said amount shall be credited to his electronic credit ledger.

4.ITC- 2

No registered person shall be entitled to input tax credit unless;
a. he is in possession of a. tax invoice or debit note or any other tax paying document as may be prescribed,
b. he has received the goods or services or both,
c. the tax charged in such invoice is actually paid in cash or through utilisation of input credit by the supplier,
d. he has filed a return

Compiled for our knowledge sharing by
CA Sudhir Bhansali