Utilization of Input Tax Credit under GST

Описание: Goods and Services Tax would be levied on ‘supply’ of goods and services and hence the present prevalent concepts of levy of excise on the manufacture, VAT/CST on sales, entry tax on entry of goods in the local area would no longer be relevant.

GST registration in Delhi, Gurgaon and other cities at best prices. LegalRaasta is an online CA/Agent for GST registration.

In This Video, Following things are described

00:00 - 00:42
What is ITC?
Input Tax Credit is a credit that is available to the supplier to set off the tax he has paid on the purchase of goods from the output on the sale of such goods. Hence, the tax will levy on the value-added which results in avoiding double taxation.

00:42 - 02:07
Eligibility and Conditions for ITC
The persons who are eligible for ITC are-
Any person who has applied for a new registration shall be entitled to ITC in respect of inputs held in stock or in the semi-finished & finished state immediately preceding the date of which he becomes liable to pay tax.
Any person can take voluntary registration and pay tax even when his turnover is below the threshold limit, is allowed to avail ITC in respect of “goods held in stock” on the day immediately preceding the date of registration, and
If a person who has opted for composition scheme switches over to the normal scheme, then he shall be entitled to take ITC in respect of “goods held in stock” on the day immediately preceding the date when he becomes liable to pay tax as a normal taxpayer.

02:07 - 6:14
Utilization of ITC under IGST, CGST, and SGST
There are some principles for utilizing ITC-
The ITC of IGST has to be first utilized towards payment of IGST and if still some amount is remaining then that can be utilized for CGST and SGST, in that order.
The ITC of CGST must be utilized first towards payment of CGST and then for the payment of IGST, but it cannot be used for the payment of SGST.
Similarly, the ITC of SGST will be used for the payment of SGST and then for IGST, but not for CGST.

06:14 - 06:45
To know more about GST, please refer to other videos by LegalRaasta. You can also login to our website www.legalraasta.com. In fact, you can get GST registration and GST filing services from LegalRaasta. CAs or accountants can use LegalRaasta software for filing GST returns.

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