Daily Archives: May 10, 2017

Redraft rule 2 of GST ITC Rule – Reversal of credit on non-payment of consideration – ICAI – GST Rules Issue 17

By | May 10, 2017

Reversal of credit due to non-payment of consideration Rule 2 of draft GST ITC Rules provides that a registered person, who has availed of input tax credit on any inward supply of goods or services or both, but fails to pay to the supplier thereof the value of such supply along with the tax payable… Read More »

Redraft Rule 1(2) of GST ITC Rule to allow credit to Registered person- ICAI – GST Rules Issue 16

By | May 10, 2017

Documentary evidence for claiming credit by registered person Rule 1(2) of draft GST ITC Rules provides that Input tax credit shall be availed by a registered person only if all the applicable particulars as prescribed in Chapter —- (Invoice Rules) are contained in the said document, and the relevant information, as contained in the said… Read More »

Allow GST ITC on documents of inputs/capital goods imported by post or Courier.- ICAI – GST Rules Issue 15

By | May 10, 2017

Documentary requirements and conditions for claiming input tax credit Rule 1 of draft GST ITC Rules requires that input tax credit shall be availed by a registered person, including the Input Service Distributor, on the basis of any of the following documents, namely: – a) an invoice issued by the supplier of goods or services… Read More »

Provide Interest rate on wrong claim of transition credit under GST- ICAI – GST Rules Issue 14

By | May 10, 2017

Interest on wrong claim of transition credit Rule 4 of draft GST Transitional Provision Rules provides that amount credited under sub-rule (3) of rule 1 may be verified and proceedings under Section 73 or, as the case may be Section 74 shall be initiated in respect of any credit wrongly availed, whether wholly or partly. Thus… Read More »

Redraft Rule 4 of GST Transition to allow Principal to declare stock at job worker – ICAI – GST Rules Issue 13

By | May 10, 2017

Declaration of Stock held by Principal Rule 2 of draft GST Transitional Provision Rules provides that every person to whom the provisions of Section 141. apply shall, within 60 days of the appointed day, submit an application electronically in FORM GST TRAN-1, specifying therein, the stock or, as the case may be, capital goods held… Read More »

Extend Value & Period to avail ITC on Stock if documents of excise not available under GST – ICAI – GST Rules Issue 12

By | May 10, 2017

 Credit to be allowed when document evidencing payment is not in the possession As per Rule 1(3)(a) of draft GST Transitional Provision Rules a registered person, who was not registered under the existing law, availing credit in accordance with the proviso to sub-section (3) of Section 140 shall be allowed to avail input tax credit… Read More »

Extend 60 days Time period to Carry Forward Credit on Stock under GST- ICAI – GST Rules Issue 11

By | May 10, 2017

Time Limit to carry forward credit under any existing law or on goods held in stock on the appointed day Rule 1 of draft GST Transitional Provision Rules provides that every registered person entitled to take credit of input tax under Section 140 shall, within 60 days of the appointed day, submit an application electronically… Read More »

Simplify Carry forward of Tax or Duty credit provisions for GST Transitions – ICAI – GST Rules Issue 10

By | May 10, 2017

Application in respect of tax or duty credit carried forward under any existing law or on goods held in stock on the appointed day Rule 1 of draft GST Transitional Provision Rules requires voluminous details like the amount of tax or duty availed or utilized by way of input tax credit under each of the… Read More »