What is ITC?
ITC – Input Tax Credit is the tax paid on inward supply of goods/services (e.g. purchases) that can be reduced when paying the Output liability.
Example:
Inverted Duty Structure: sec 54(3) of CGST Act,2017
It is a situation where the rate of tax on inputs purchased is more than the rate of tax on outputs sold which leads to accumulation of input credit and the need for refund arises.
Outward supply includes supply of both Goods & Services.
Frequently Asked Questions – E Way Bill
General Portal
1Q. What is the common portal for generation of e-way bill?
The common portal for generation of e-way bill is https://ewaybillgst.gov.in
2Q. I am not getting OTP on my mobile, what should I do? Read More
What is GSTR-9C Form?
Every registered taxpayer whose aggregate turnover exceeds two crore rupees during a financial year shall be audited in accordance with subsection (5) of section 35 of the CGST Act, 2017 and shall include a copy of the annual accounts audited and a duly certified reconciliation statement in FORM GSTR-9C. Read More
