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GST Input Credit Tutorial 08 – Proportionate Credit Maintaining separate set of records for different categories of supply. ITC benefit & proportionate credit. in the previous sections we’ve seen the negative list of supplies on which input tax credit is not available the reality the wrong reality is that every business will have both info tax eligible supplies as well as ineligible supplies what do you do in such situations that’s where proportionate credit comes into play proportionate credit deals with segregating eligible and ineligible supplies before we go into
Understanding the Inward supplies on which input tax credit is not allowed such works contract services, goods and services on the construction of immovable property with the exceptions Motor Vehicles works contract and immovable property are the items in the second category of no double tax benefit that need double clicking first one is related to Motor Vehicles we seen that Motor Vehicles and any other form of conveyances the supplies of these on which taxes are paid fall under negative list no input tax credit can be
Understanding with reasons, the Specific List of Inward supplies on which Input tax credit is not allowed such as Food and beverages, outdoor catering, beauty treatment, health services, cosmetic and plastic surgery, membership of a club, health and fitness centre, rent a cab, life insurance, health insurance, travel benefits etc with the exceptions. this section is going to be all about the specific list of supplies it’s the second item on the negative list which is there because it does not add any value
GST Input Credit Tutorial items in the Negative List Understanding with the reason of Items covered under the negative list on which input tax credit is not available such as personal consumption, Non-existent goods, Motor Vehicles, Works contract, Immovable property etc. it’s now time to check out what are the items in the negative list the Act prescribes eight broad categories that fall into the negative list and within these eight categories there are exceptions specific exceptions we’ll identify those we’ll discuss further on the provisions related to
GST Input Credit Tutorial 04 – Purchases and a Hint to Negative List Understanding the Input, Input services and the Capital Goods on which Input tax credit is not available (Negative List under Input Tax Credit) along with the reason of covering the same under negative list. this lecture is an introduction to the negative list negative list is basically a list of purchases in word supplies on which input tax credit cannot be claimed so in order to understand negative lists the first thing that