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Input Tax Credit :left_right_arrow: :arrow_up_down: (Blocked credit 17(5)…
Input Tax Credit
:left_right_arrow: :arrow_up_down:
input tax credit
Tax paid under reverse charge
CGST,SGST,UTGST,IGST
does not include tax paid under composition levy
“output tax”
tax chargeable under taxable supply of goods or services or both
excludes tax payable by him on RCM
entitlement of credit
Condition u/s 16(2) & in manner u/s 49
possession of a
* tax invoice
:credit_card:* or debit note issued by a supplier
received
the goods or services or both :arrow_down:
tax charged (input tax)
* actually paid
:currency_exchange:* to the Government by supplier
recipient has furnished the
*return
:* under section 39
recipient pay amount towards Value :heavy_plus_sign: Tax
within 180 days from date of issue of invoice
has not claimed depreciation u/s 32 under income tax act,1961 on tax component of Capital Goods
used or intended to
be used in the course or furtherance of his business :heavy_plus_sign: ITC amount credited to electronic credit ledger
not be entitled to take ITC after due date of
return u/s 39 for month of september
furnishing annual return
Apportionment of credit
partly for the purpose of any business and partly for other purposes,
credit of ITC attributable to business purposes
partly for effecting taxable supplies including zero rated supplies partly for effecting exempt supplies
ITC attributable to the said taxable supplies including zero-rated supplies.
Banking companies, Financial Institution , NBFCs option to avail 50% of eligible ITC on IP,IS,IG
Blocked credit 17(5)
ITC shall not be available on
motor vehicles and other conveyances except when they are used for
further supply of such vehicles or conveyances
transportation of passengers
imparting training on driving, flying, navigating such vehicles
or conveyances;
for transportation of goods
food and beverages, outdoor catering, beauty treatment, health services, cosmetic and plastic surgery except used for
making an outward taxable supply of the same category of goods or services
supplied as element of a taxable composite or mixed supply
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membership of a club, health and fitness centre
rent-a-cab, life insurance and health insurance except where
Gov made obligatory for employer to provide such services to employeer
#
travel benefits extended to employees on vacation
works contract services supplied for construction of an immovable
property
(other than plant and machinery)
except where it is an input service for further
supply of works contract service
goods or services or both received by a taxable person for construction of an immovable property (other than plant or machinery) on his own account
including when such goods or services or both are used in the course or furtherance of business.
Goods or Services
tax has been paid under composition levy
received by a non-resident taxable person
except
on goods imported by him
used for personal consumption;
goods lost, stolen, destroyed, written off or disposed of by way of gift or free samples
tax paid in accordance with the provisions of sections 74, 129 and 130.