Acronyms in GSTI-21 1 GST - AN OVERVIEW 1.1 1 1.1-1 3 1.1-2 ‘ ’ 4 1.1-3 5 1.1-4 5 1.1-5 5 1.1-6 6 1.1-7 6 1.1-8 6 1.1-9 7 1.1-10 7 1.1-11 8 1.2 8 1.2-1 16 1.3 23 1.4 24 1.4-1 24 1.4-2 24 1.4-3 24 I-5 Contents
I-6 1.5 25 1.5-1 26 1.5-2 26 1.6 27 1.6-1 27 1.6-2 28 1.7 29 1.8 30 1.9 31 2
2.1 32 2.1-1 34 2.1-2 34 2.1-3 35 2.2 36 2.2-1 36 2.2-2 37 2.2-3 39 2.2-4 39 2.2-5 40 2.2-6 40 2.3 41 2.3-1 i.e. 42 2.3-2 42 2.3-3 44 2.4 54 2.5 54 2.5-1 55
HIGHLIGHTS OF GST LAW
I-7 2.6 58 2.7 60 2.7-1 61 2.8 62 2.8-1 63 2.8-2 63 2.8-3 65 2.8-4 66 2.8-5 68 2.8-6 69 2.8-7 70 2.9 73 2.9-1 73 2.9-2 75 2.9-3 75 2.9-4 76 2.9-5 77 2.9-6 78 2.9-7 78 2A VAT CONCEPT AND ITS APPLICATION IN GST 2A.1 79 2A.2 80 2A.2-1 82 2A.2-2 82 2A.2-3 82 2A.3 83 2A.3-1 84 2A.4 85 2A.5 85
INPUT TAX CREDIT (ITC)
I-8 2A.6 87 2A.6-1 88 2A.6-2 88 3
3.1 89 3.1-1 90 3.1-2 91 3.2 92 3.2-1 93 3.2-2 - 94 3.2-3 96 3.3 97 3.3-1 101 3.3-1A 102 3.3-1B - 103 3.3-1C 107 3.3-2 107 3.3-2A i.e 110 3.3-3 111 3.3-4 111
INPUT TAX CREDIT - OTHER ISSUES
3.3-5 112 3.3-6 113 3.3-7 114 3.4 114 3.4-1 116 3.4-2 130 3.4-3 131 3.4-4 131 3.4-5 132 4
4.1 136 4.1-1 ‘ ’ 136 4.1-2 137 4.1-3 137 4.1-4 138 4.1-5 138 4.2 139 4.2-1 139 4.2-2 140 4.2-3 141 4.2-4 142 4.3 143 4.3-1 143 4.3-2 144 4.3-3 145 I-9
4.3-4 145 4.4 146 4.4-1 146 4.4-2 147 4.4-3 148 4.5 148 5 INPUT TAX CREDIT WHEN EXEMPTED AS WELL AS TAXABLE SUPPLIES MADE 5.1 149 5.1-1 ‘ ’ 150 5.2 154 5.2-1 155 5.3 156 5.3-1 156 5.3-2 156 5.3-3 156 5.3-4 157 5.3-5 157 5.4 157 5.4-1 158 I-10
5.4-2 159 5.5 160 6
(ISD) 6.1 161 6.1-1 162 6.1-2 163 6.1-3 164 6.2 164 6.2-1 ‘ ’ 165 6.2-2 ‘ ’ 165 6.2-3 ‘ ’ 165 6.2-4 166 6.3 166 6.3-1 167 6.4 167 6.5 168 7 UTILISATION OF INPUT TAX CREDIT FOR PAYMENT OF TAX ON OUTPUT SUPPLY 7.1 171 7.1-1 171 7.1-2 172 7.1-3 173 I-11
INPUT SERVICE DISTRIBUTOR
7.1-4 173 7.1-5 174 7.1-6 174 7.2 174 7.2-1 174 7.3 175 7.3-1 175 7.3-2 178 7.3-3 179 7.3-3A 179 7.3-4 181 7.3-5 183 7.3-6 184 7.3-7 184 7.3-8 186 7.3-8A 189 7.3-9 189 7.3-10 190 7.4 191 7.5 191 7.5-1 191 7.5-2 192 7.6 193 7.7 193 7.7-1 194 I-12
EXPORTS AND IMPORTS
8
8.1 198 8.1-1 199 8.1-2 200 8.1-3 201 8.1-4 202 8.1-4A 204 8.1-5 204 8.1-6 206 8.2 ‘ ’ 207 8.3 209 8.4 212 8.4-1 214 8.4-2 216 8.4-3 217 8.4-4 217 8.4-5 218 8.4-6 218 8.5 220 8.5-1 224 8.5-2 224 8.5-3 226 I-13
8.5-4 227 8.5-5 229 8.5-6 229 8.5-7 230 8.5-8 230 8.6 230 8.6-1 232 8.6-2 234 8.6-3 234 8.6-4 235 8.6-5 235 8.7 237 8.8 239 8.9 240 8.10 242 8.11 242 8.11-1 243 8.11-2 244 8.11-3 245 8.11-4 ‘ ’ 246 I-14
8.12 246 8.12-1 246 8.13 247 8.13-1 248 8.13-2 249 8.13-3 250 8.13-4 250 8.13-5 251 8.13-6 251 8.14 i.e. 252 8.14-1 254 8.15 255 8.16 260 8.16-1 262 8.17 263 8.17-1 263 8.17-2 264 8.17-3 264 8.17-4 264 8.17-5 265 9
GST 9.1 266 9.1-1 ‘ ’ 268 I-15
REFUND IN
9.1-2 vice versa 271 9.1-3 272 9.2 273 9.3 275 9.3-1 276 9.3-2 279 9.3-3 280 9.3-4 280 9.3-5 281 9.4 282 9.4-1 284 9.4-2 284 9.4-3 285 9.5 287 9.5-1 291 9.5-2 296 9.6 296 9.6-1 298 9.6-1A 298 9.6-2 299 9.6-3 299 9.6-4 299 9.6-5 300 9.7 300 9.7-1 301 I-16
9.7-2 302 9.7-3 302 9.7-4 303 9.7-5 304 9.8 304 9.8-1 306 9.8-2 307 9.9 307 9.9-1 308 9.9-2 309 9.9-3 310 9.9-4 310 9.10 310 9.10-1 311 9.11 312 9.11-1 312 9.11-2 313 9.11-3 314 9.12 314 9.13 ‘ ’ 316 9.14 320 9.14-1 323 9.14-2 324 9.14-3 325 9.14-4 326 9.14-5 326 I-17
9.15 327 9.15.1 327 9.16 332 9.17 ‘ ’ 333 9.17-1 334 9.18 334 9.18-1 336 9.19 337 9.20 340 9.20-1 343 9.20-2 344 9.20-3 345 9.20-4 346 9.20-5 347 9.21 347 9.21-1 351 9.21-2 352 9.22 352 9.23 353 9.24 354 9.25 354 9.25-1 355 I-18
9.25-2 355 9.25-3 356 9.26 358 9.27 359 9.28 360 9.29 360 9.30 361 9.31 362 9.31-1 363 9.31-2 364 9.31-3 365 9.31-4 365 9.32 366 9.32-1 366 9.32-2 366 APPENDICES RELEVANT SECTIONS OF CGST ACT, 2017 371 RELEVANT SECTIONS OF IGST ACT, 2017 386 RELEVANT RULES OF CGST RULES, 2017 389 CLARIFICATIONS REGARDING EXPORTS RELATED REFUND ISSUES 429 REFUND OF IGST PAID ON GOODS EXPORTED 436 RESTRICTIONS ON AVAILMENT OF INPUT TAX CREDIT WHEN FINAL PRODUCT IS EXPORTED 439 REFUND OF IGST ON ITC WHEN GOODS EXPORTED BY POST 443 I-19
RESOLVING DIFFICULTY IN REFUNDS DUE TO
FOR CLAIMING REFUND OF INPUT
OF
CONDITIONS AND SAFEGUARDS FOR FURNISHING A LETTER OF UNDERTAKING IN PLACE OF A BOND BY A REGISTERED PERSON WHO INTENDS TO SUPPLY GOODS OR SERVICES FOR EXPORT WITHOUT PAYMENT OF
ON REFUND RELATED ISSUES
CLARIFICATION REGARDING FULLY ELECTRONIC REFUND PROCESS THROUGH FORM GST RFD-01 AND SINGLE DISBURSEMENT
CLARIFICATION TO DEAL WITH DIFFERENCE IN INPUT TAX CREDIT (ITC) AVAILED IN FORM GSTR-3B AS COMPARED TO THAT DETAILED IN FORM GSTR-2A FOR FYs 2017-18 AND 2018-19 501
CLARIFICATION ON THE ENTITLEMENT OF INPUT TAX CREDIT WHERE THE PLACE OF SUPPLY IS DETERMINED IN TERMS OF THE PROVISO TO SUB-SECTION (8) OF SECTION 12 OF THE INTEGRATED GOODS AND SERVICES TAX ACT, 2017 505
CLARIFICATION ON CHARGING OF INTEREST UNDER SECTION 50(3) OF THE CGST ACT, 2017, IN CASES OF WRONG AVAILMENT OF IGST CREDIT AND REVERSAL THEREOF
CLARIFICATION TO DEAL WITH DIFFERENCE IN INPUT TAX CREDIT (ITC) AVAILED IN FORM GSTR-3B AS COMPARED TO THAT DETAILED IN FORM GSTR-2A FOR THE PERIOD 1-4-2019 TO 31-12-2021
CLARIFICATION ON REFUND RELATED ISSUES 515
CLARIFICATION REGARDING TAXABILITY OF SERVICES PROVIDED BY AN OFFICE OF AN ORGANISATION IN ONE STATE TO OFFICE OF THAT ORGANISATION IN ANOTHER STATE, BOTH BEING DISTINCT PERSONS
INVOICE MISMATCHES 448
TAX CREDIT IN CASE OF EXPORTS 449
CREDIT 454
PROCEDURE
REVISED PROCEDURE TO CLAIM REFUND
INPUT TAX
INTEGRATED TAX 463
UNDER
467
CLARIFICATIONS
GST
471
508
511
520 SUBJECT INDEX 523 I-20
Tax Credit when exempted as well as taxable supplies made
5.1 Proportionate ITC when partly used for business or taxable supplies
149
Input
Taxable supply -
Non-taxable supply -
Supply of alcoholic liquor is non-taxable supply and hence is exempt supply
FNB Specialities LLP, In re
Karnani FNB Specialities LLP, In re
Zero rated supply -
5.1-1 Calculation of value of ‘exempt supply’ nil
Karnani
Para 5.1 150
Exempt supply cannot include activities included in Schedule III of CGST Act, except value of land, buildings and securities
Exempt supply to include value of land, building and securities -
Explanation
Apportionment of ITC between taxable supply and exempt supply on basis of value except in case of real estate services -
151 Para 5.1
Activities and transactions covered under Schedule III are not ‘exempt supply’ except covered in paragraphs 5 and 8(a) of Schedule III
except (i) the value of activities or transactions specified in paragraph 5 of the said Schedule; and (ii) the value of such activities or transactions as may be prescribed in respect of paragraph 8(a) of the said Schedule
The earlier words were will
Explanation 3
Value of exempt supply shall include value of supply of goods from Duty Free Shops at arrival terminal w.e.f. 1-10-2023
Electricity is exempt supply
Interest is not exempt supply for purposes of rules 42 and 43 i.e. no reversal of ITC required
-
-
-
Explanation
Explanation
Para 5.1 152
Explanation
Explanation
Explanation 1
Exempt Supply shall not include supply of services to Nepal and Bhutan for purpose of reversal of ITC upto 1-2-2019 exclude
Explanation
Explanation
Exempt supply shall include outward freight from India to outside India for reversal of ITC w.e.f. 1-10-2023 -
‘ ’ ‘ ’ ‘ ’
153 Para 5.1
Para 5.2 154
- Explanation
Exempt supply shall include
Exempt supply shall not include value of duty credit scrips
Explanation
Kaveri Exports, In re
5.2 Special provisions in respect of Banks, FI and NBFC
proviso
Para 5.2
Co-operative society accepting deposits and granting loans is Financial Institution - -
Knanaya Multi Purpose Co-operative Credit Society Ltd.,
5.2-1 Procedure to claim of credit by a banking company or a
a i.e. b c d
155
5.3 Determination of input tax credit when partly used for taxable supply and partly for exempt supply
Except in case of supply of services covered by clause (b) of paragraph 5 of the Schedule II of the CGST Act
5.3-2 Final calculations of eligible ITC in case of real estate projects where no transition of ITC
5.3-3 Calculation of commercial portion of ITC of real estate project other than RREP
Para 5.3 156
5.3-4 Final calculations of ITC in real estate projects not required in case of RREP
videvide
5.3-5 Assignment of input tax when used for several projects -
5.4 Determination of input tax credit in respect of capital goods used partly for taxable supply and partly for exempt supply
vide
157 Para 5.4
ITC of tax paid on common capital
Para 5.4 158
5.4-1 Mode of calculations of
goods
Final calculations at year end not required in case of ITC on capital goods, except in case of real estate projects
Separate calculations for IGST, CGST, SGST and UTGST
Meaning of ‘capital goods’ for purpose of this rule -
Explanation Explanation
5.4-2 Final calculations of eligible credit in case of capital goods in Real Estate projects of residential and commercial apartments
Calculations of credit separately for CGST, SGST, UTGST and IGST -
Assignment of credit if capital goods used for more than one project-
Capital goods having useful life after completion of project
159 Para 5.4
5.5 Reversal of Input Tax Credit means ITC not taken
Explanation iv Para
-
160
5.5
GST Input Tax Credit
AUTHOR : V.S. DATEY
PUBLISHER : TAXMANN
DATE OF PUBLICATION : APRIL 2024
EDITION : 14TH EDITION
ISBN NO : 9789357786850
NO. OF PAGES : 556
BINDING TYPE : PAPERBACK
Description
Availment of ITC – Detailed guidelines on how to properly claim ITC
Rs. 1295 | USD 17
This book is a comprehensive guide on the Goods and Services Tax (GST), specifically focusing on the Input Tax Credit (ITC). It covers critical aspects of ITC, including:
Reversal of ITC – Circumstances and cases under which ITC must be reversed
Refund of ITC – Processes and conditions for obtaining ITC refunds
Export Issues Relating to ITC – Handling ITC for exports, highlighting procedural details and legal considerations
Treatment of ITC for Exempted and Taxable Supplies – Explains the impact of ITC when dealing with both exempted and taxable supplies
Additionally, the book analyses the eligibility criteria, necessary documentation, and timelines for claiming ITC. It elaborates on the procedural nuances that influence the utilisation of ITC, making it helpful for accountants, tax professionals, and business owners aiming to optimise tax liabilities and ensure compliance within their operations.
The Present Publication is the 14 th Edition and has been amended upto 4 th April 2024.
This book is authored by V.S. Datey and covers the following:
Introduction to GST and Overview of Tax Structure
Comprehensive Guide to GST Input Tax Credit (ITC)
• Definition and Fundamental Principles of ITC
• Eligibility Criteria for Availing ITC
• Documentation and Compliance for ITC
• Conditions and Restrictions on ITC Utilization
• ITC Reconciliation and Audit Processes
Operational Impact of ITC on Business Finances
• Cash Flow Improvement Through Effective ITC Management
• Pricing Strategy Adjustments Leveraging ITC
Challenges in Managing ITC
• Common Compliance Challenges
• ITC Fraud Prevention and Control
Legal Framework and Case Studies
• Recent Legal Amendments and Their Impact on ITC
• Judicial Precedents Influencing ITC Policies
• Case Studies Demonstrating ITC in Action
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