{"id":106885,"date":"2022-03-12T18:24:04","date_gmt":"2022-03-12T12:54:04","guid":{"rendered":"https:\/\/legalwindow.in\/?p=106885"},"modified":"2022-03-15T14:39:41","modified_gmt":"2022-03-15T09:09:41","slug":"an-analysis-of-input-tax-credit-concept-under-gst","status":"publish","type":"post","link":"https:\/\/www.legalwindow.in\/blog\/an-analysis-of-input-tax-credit-concept-under-gst\/","title":{"rendered":"An Analysis of Input Tax Credit concept under GST"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-106887 size-full\" title=\"An Analysis of Input Tax Credit concept under GST\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/An-Analysis-of-Input-Tax-Credit-concept-under-GST-.png\" alt=\"An Analysis of Input Tax Credit concept under GST\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/An-Analysis-of-Input-Tax-Credit-concept-under-GST-.png 1200w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/An-Analysis-of-Input-Tax-Credit-concept-under-GST--600x315.png 600w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/An-Analysis-of-Input-Tax-Credit-concept-under-GST--300x158.png 300w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/An-Analysis-of-Input-Tax-Credit-concept-under-GST--1024x538.png 1024w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/An-Analysis-of-Input-Tax-Credit-concept-under-GST--768x403.png 768w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">When you acquire a product or service from a\u00a0dealer, you must pay sales taxes. You collect this tax when you sell. You adjust the taxes paid at the time of purchase with the amount of production tax (tax on sales), and the balance of tax liability (tax on sales less tax on buy) is due to the government. This process is known as Input Tax Credit usage. This article consists of an analysis of the Input Tax Credit concept under GST.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">An analysis of Input Tax Credit concept under GST can only take place if we have adequate knowledge of Input Tax Credit. Let us understand Input Tax Credit in detail.<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>Table of Content<\/b><\/p>\n<ul>\n<li aria-level=\"1\"><a href=\"#Input\">Input Tax Credit (ITC)<\/a><\/li>\n<li aria-level=\"1\"><a href=\"#Tax\">Input Tax Credit under levies of GST- CGST\/SGST\/UTGST\/IGST<\/a><\/li>\n<li aria-level=\"1\"><a href=\"#An\">An analysis of Input Tax Credit concept under GST-ITC for GST components<\/a><\/li>\n<li aria-level=\"1\"><a href=\"#Allowance\">Allowance\/Rejection of Input Tax Credit<\/a><\/li>\n<li aria-level=\"1\"><a href=\"#Conditions\">Conditions for Obtaining a GST Input Tax Credit<\/a><\/li>\n<li aria-level=\"1\"><a href=\"#Requirements\">Requirements of Documents for claiming\u00a0ITC<\/a><\/li>\n<li aria-level=\"1\"><a href=\"#Other\">Other Important Considerations Regarding GST Input Tax Credit<\/a><\/li>\n<li aria-level=\"1\"><a href=\"#Takeaway\">Takeaway<\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"Input\"><b>Input Tax Credit (ITC)\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Input Tax Credit refers to obtaining credit for the GST paid on purchases of goods and services utilized in the course of <\/span><span style=\"font-weight: 400;\">business<\/span><span style=\"font-weight: 400;\">. The Mechanism of Input Tax Credit is the backbone of GST and one of the primary reasons for its implementation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Because GST is a single tax across India (from the manufacturing of goods\/services to the end customer). Moreover, the chain will not break out of tax, and everyone may benefit from it, and there is a continuous flow of credit.<\/span><\/p>\n<h2 id=\"Tax\"><b>Input Tax Credit under levies of GST- CGST\/SGST\/UTGST\/IGST<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">GST consists of the following levies:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>The Central Goods and Services Tax (<\/b><b>CGST<\/b><b>) [also known as the Central Tax] &#8211; <\/b><span style=\"font-weight: 400;\">This tax is a type of tax charged on intra-state or intra-union territory for the provision of goods, services, or both.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>State Goods and Services Tax (SGST) [also known as State Tax] &#8211; <\/b><span style=\"font-weight: 400;\">This tax is applied on the delivery of goods, services, or both within the same state.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Union Territory Goods and Services Tax (UTGST) [also known as Union Territory Tax] \u2013 <\/b><span style=\"font-weight: 400;\">This tax is imposed on the delivery of goods or services within the same union territory.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Integrated Goods and Services Tax (IGST) [also known as Integrated Tax]<\/b><span style=\"font-weight: 400;\"> &#8211; This type of taxes applicable on inter-state supply of both goods and services.<\/span><\/li>\n<\/ul>\n<h2 id=\"An\"><b>An analysis of Input Tax Credit concept under GST-ITC for GST components<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Input tax credit for these GST components would be available in the following ways:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>CGST credit<\/b><span style=\"font-weight: 400;\"> \u2013 Allowed for first of CGST payment, with the remainder available for IGST payment. Further, CGST credit is not permissible for SGST payment.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>SGST\/UTGST Credit<\/b><span style=\"font-weight: 400;\"> &#8211; Permissible for first for SGST\/UTGST payment and the taxpayer can use this balance to pay IGST. Moreover, Credit of SGST\/UTGST is not permissible for CGST payment.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>IGST credit<\/b><span style=\"font-weight: 400;\"> &#8211; Allowed first for IGST payment, next for CGST payment, and the balance for SGST\/UTGST payment.<\/span><\/li>\n<\/ul>\n<h2 id=\"Allowance\"><b>Allowance\/Rejection of Input Tax Credit<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Under the GST regime, every taxable person can claim ITC on any inputs used for utilization of services (whether commodities or services) in the course of or in furtherance of business.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The following are the specific instances in which the Input Tax Credit is not permissible:<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\"><b>Sr. Number<\/b><\/span><\/td>\n<td style=\"border: 1px solid #555;\"><b>Input Tax Credit non applicable\u00a0for GST paid on<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><b>Exception (i.e., GST Input Tax Credit is only available for certain goods\/services if the following conditions are met)<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>1.<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Vehicles and other Conveyance.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Allowed only when provided in the ordinary course of business or used to provide the following taxable services:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">a. Transportation of Passengers,\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">b. Transportation of Goods, or\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">c. Motor Driving Skills Training<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>2.<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Outdoor Catering, Food &amp; Beverage, Beauty Treatment, Health Services, Cosmetic &amp; Plastic Surgery.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Allowable only if the items and\/or services are used to offer the same type of services or as part of a composite supply.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Mr. A, for example, buys cosmetic creams to sell to her consumer. In such a circumstance, ITC paid on purchases would be permissible.<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>3.<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Membership in a club, a fitness centre, or a health centre.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>4.<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rent-a-Cab, Health Insurance, and Life Insurance are all available.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Only permitted if<\/span><\/p>\n<p><span style=\"font-weight: 400;\">a. When the government requires employers to give it to their employees; or\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">b. When the items and\/or services are used to deliver the same type of services or as part of a composite supply.<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>5.<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Employee Travel Benefits For example, leave travel allowance.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>6.<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">When provided for the construction of immovable property, works contract services.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Only permitted if<\/span><\/p>\n<p><span style=\"font-weight: 400;\">a. Works Contract Services for Plant and Machinery Construction<\/span><\/p>\n<p><span style=\"font-weight: 400;\">b. One Works Contract Service is used to create another Works Contract Service.<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>7.<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Goods and\/or services for the construction of immovable property, whether for personal or commercial usage.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>8.<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Goods and services for which GST was paid under the Composition Scheme.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>9.<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Goods\/Services received by a Non-Resident Taxpayer<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Allowable for non-resident taxable persons who import goods or services.<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>10.<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Personal Consumption Goods and Services.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>11.<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Goods that have been lost, stolen, destroyed, written off, or given away as a free sample.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>12.<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Any tax paid as a result of Tax evasion, or\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tax under payment, or Excessive Refund.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>13<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">ITC obtained or used as a result of<\/span><\/p>\n<p><span style=\"font-weight: 400;\">a. Fraud, or\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">b. Wilful miss-statement, or\u00a0Facts which are being suppressed.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">GST paid on any other products and services used in the course of business would be eligible for Input Tax Credit.<\/span><\/p>\n<h2 id=\"Conditions\"><b>Conditions for Obtaining a GST Input Tax Credit<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Only a\u00a0Person having registration\u00a0will be eligible to claim the GST Input Tax Credit. Furthermore, a\u00a0person having a registration\u00a0may claim an Input Tax Credit if the following requirements are in the final stage and if:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">He has a Tax Invoice or any other specified tax paid document.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">He has already got the products or services. There are also &#8220;bill to ship&#8221; instances.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The provider is the one who pays the tax.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">He has submitted his <\/span><a href=\"https:\/\/legalwindow.in\/gst-returns\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">GST Return<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The inputs are in lots or instalments, then taxpayer is entitle for the ITC only after the delivery of last lot or instalment takes place.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Payment must be paid within 180 days after the invoice&#8217;s issuance date. If the payment is not paid within 180 days, the amount of credit received will be applied to the recipient&#8217;s output tax due, together with interest. However, after the sum has been paid, the receiver will be able to use the credit again. If a partial payment has been paid, commensurate credit will be granted.<\/span><\/li>\n<\/ul>\n<h2 id=\"Requirements\"><b>Requirements of Documents for claiming\u00a0ITC\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">There is a requirement of the following documents for claiming ITC:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A bill issued by a supplier of goods, services, or both.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Recipient&#8217;s invoice, together with confirmation of tax payment.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Further, a debit note issued by supplier.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Moreover, a bill of entry or other similar document as prescribed by the Customs Act.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Updated Invoice.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Input Service Distributor-issued document<\/span><\/li>\n<\/ul>\n<h2 id=\"Other\"><b>Other Important Considerations Regarding GST Input Tax Credit<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The other consideration regarding GST Input Tax Credit are:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">A registered person may claim Input Tax Credit only if the Invoice contains all of the pertinent particulars specified in the Invoice Rules.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Further,\u00a0if the tax on inputs is exceeding the tax on output, the ITC can be carry forward or reclaimed.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Furthermore, the remaining tax after claiming the input tax credit must be submit it with the government in GSTR 3 by the 20th of the following month.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Claiming of ITC is not permissible after September of the next fiscal year to which the invoice relates, or until the date of filing of the Annual Return, whichever is sooner.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">A person who applies for<a href=\"https:\/\/legalwindow.in\/gst-registration\/\" target=\"_blank\" rel=\"noopener\"> GST Registration<\/a> within 30 days after being liable for Registration is eligible to claim ITC on items kept in stock on the day immediately before the date he becomes liable to pay tax.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Further, a person who switches from the composition scheme to the normal scheme under Section 10 is entitle to claim ITC on goods kept in stock and capital goods on the day immediately before the day he becomes liable to pay tax as a normal taxpayer.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Furthermore, when an exempt supply of goods or services, or both, becomes taxable, the person providing such supplies is eligible to claim ITC for items kept in stock that are related to exempt supplies. He is also eligible to credit on capital items utilised only for such exempt supply.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">In the event that a registered person&#8217;s constitution changes due to a sale, merger, demerger, or other event, the unutilized ITC may be transferred to the transferee.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Moreover, if the payment of GST takes place using the Reverse Charge Mechanism it can potentially be claim as an Input Tax Credit.<\/span><\/li>\n<\/ul>\n<h2><a href=\"https:\/\/legalwindow.in\/gst-registration\/\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-106925 size-full\" title=\"GST Registration in Jaipur Rajasthan\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/imgpsh_fullsize_anim-8-2-1.jpg\" alt=\"GST Registration in Jaipur Rajasthan\" width=\"1000\" height=\"200\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/imgpsh_fullsize_anim-8-2-1.jpg 1000w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/imgpsh_fullsize_anim-8-2-1-600x120.jpg 600w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/imgpsh_fullsize_anim-8-2-1-300x60.jpg 300w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/imgpsh_fullsize_anim-8-2-1-768x154.jpg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><\/h2>\n<h2 id=\"Takeaway\"><b>Takeaway<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The credit for central taxes is not subject to set off against a state charge in the previous Indirect tax structure, and vice versa. As a result, we may conclude that ITC was not accessible on interstate transactions. Moreover, this had a cascade effect, raising the prices of products and services. Further, with a few exceptions, the <\/span><a href=\"https:\/\/gstcouncil.gov.in\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">GST Council<\/span><\/a><span style=\"font-weight: 400;\"> guarantees seamless credit on products and services across the entire supply chain. As a result, the purpose of initiating the ITC Scheme in GST is to limit the cascading impact of taxes and turn GST into a destination-based tax.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Get your <\/span><a href=\"https:\/\/legalwindow.in\/gst-registration\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">GST Registration<\/span><\/a><span style=\"font-weight: 400;\"> by the Experts and for more information related to GST Returns\/Registration get in contact with our <\/span><span style=\"font-weight: 400;\">Experts<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When you acquire a product or service from a\u00a0dealer, you must pay sales taxes. You collect this tax when you sell. You adjust the taxes paid at the&hellip;<\/p>\n","protected":false},"author":5,"featured_media":106886,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-106885","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-compliance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>An Analysis of Input Tax Credit concept under GST &#187; Legal Window<\/title>\n<meta name=\"description\" content=\"An Analysis of Input Tax Credit concept under GST. 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