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Apportionment of GST credit and Blocked Credits under Section 17(5) Section 17(1) to Section 17(4) deals with when Input tax credit can be claimed, while ineligible or blocked credits under GST are dealt with under Section 17(5) of the CGST act. Apportionment of credit – Section 17 Goods and Service tax Input credit is available…
Conditions for eligibility of GST Tax credit under Section 16 GST Input tax credit has been further classified into Eligible and Blocked Credits. Blocked Credits are dealt with under Section 17(5) while Section 16 deals with GST Input tax credit eligibility and conditions. Before we proceed onto Blocked and Eligible credit, let us first understand…
Interest on delayed GST Payment The legal position Recently, the GST Council has held its 39th meeting in which it has approved that the interest on GST late payment shall be payable on liability paid belatedly in cash component only, and this shall be made applicable w.e.f. Jul’2017 i.e. retrospective effect. However, it shall be…
GST Interest calculation, interest on reversal & refunds How to calculate interest on the late payment of GST? Interest applies to the late payment of GST. Section 50 of the Central Goods and Service Act 2017 states the following provisions. (1) Every person who is liable to pay tax in accordance with the provisions of…
GST Audit and GST Audit Checklist In this article, we have discussed the points to be checked in GST Audit and later we have provided a GST Audit checklist. A taxpayer registered under GST will undergo GST Audit which would involve examination of GST returns, documents, accounting records to identify any possibility of GST evasion….
Crucial areas to be covered in GST Audit The main objective of GST Audit is to check the veracity of declaration of information in records in accordance with the GST Rules. The most pivotal role-play of a GST audit is to ensure the reconciliation of records in the books to avoid GST evasion. In this…
