ITC Computation is fundamental for businesses to ensure maximum ITC claim as it can help have more working capital. In this article, we will discuss 4 key aspects of ITC computation in detail.
The ultimate objective of every taxpayer is to maximize ITC claim while following all the conditions and rules of GST law. The success of this goal depends on the internal practices and tools used and some external factors such as vendor compliance. Here, we discuss, 4 important aspects to maximize ITC claim.
Input Tax Credit or ITC under GST is the credit back of the tax a registered GST taxpayer pays on inputs i.e. purchases. This tax he is liable to get back from the government. Read more
From all the changes that indirect taxation has undergone this year, it seems like the GST rules are getting tighter in 2022. We have collated all the important GST changes being applicable from 1st January 2022 that you need to be aware of! Let us look at the changes in major brackets one by one
Vendors being GST compliant plays a significant role in the ITC claim of taxpayers. As the GST law is designed, the taxpayer not only needs to be self-compliant, it is equally important to have a GST compliant network of vendors around. If you deal with multiple vendors, keeping a tab of compliances of all vendors becomes an important activity for optimum ITC claim.
The central government vide Notification no 49/2019 central tax dated 9/10/2019 has made amendments to CGST Rules, 2017.
Amendments in the Central Goods and Services Tax Act,2017 / Integrated Goods & Services Tax Act, 2017 /Union Territory Goods & Services Tax Act,2017. Amendments carried out through the Finance Bill, 2020 will come into effect on the date of its enactment.
Newsletter covers 37th GST Council Meeting – Key Highlights | E-invoicing | IRIS Sapphire: Navigation Upgrade | Provisional ITC
Updates on GST Portal | Curious Case of GSTR 2X | IRIS Sapphire: GSTR 2X | IRIS Peridot against GST Fraud | Interest payable on gross liability
