Monthly Archives - October 2017

Ineligible Input tax credit under GST

Following are the goods and services where the GST law has imposed restriction while availing GST input tax credit, primarily called as Ineligible Input tax credit. We will discuss about the extent and eligibility of ITC of these goods and services. 1. ITC for Motor Vehicles is not available. The GST levied on purchase of Motor vehicles and conveyance is an ineligible Input tax credit. However, there are few exception cases where GST credit is available. These are: Dealers who are engaged [...]

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Important changes announced in 22nd GST council meet

The GST Council, in its 22nd meeting held at New Delhi on 6th October 2017, has recommended the following facilitative changes to ease the burden of compliance on small and medium businesses: A.Flexibility in eligibility to composition scheme 1.Increase in turnover limit The turnover limit for eligibility of opting composition scheme has been increased from present Rs. 75 lakhs to Rs 1 crore and for special category states, it has been increased from Rs 50 lakhs to 75 lakhs. The increase in the turnover [...]

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