Can we take GST input on computer
Since computer is an administrative supply which is not directly linked to either manufacture or trading, itc on the same cannot be claimed.
Yes, under gst regime one can claim the itc of the gst paid by him on all good and services which are used of intended to be used in the course it’s furtherance of his business..
Can we take GST input on mobile phone
Yes. The mobile phones/ laptops would be covered under the definition of ‘inputs’ as they are used in the course/ furtherance of business and hence, the input tax paid on such goods will be available as input tax credit.
What is GST credit input
Input tax credit (ITC) is the tax paid by the buyer on purchase of goods or services. Such tax which is paid at the purchase when reduced from liability payable on outward supplies is known as input tax credit. In other words, input tax credit is tax reduced from output tax payable on account of sales.
Can we claim ITC on office furniture
The furniture and fixtures are not immovable property in most cases but can be when used as a floor or fixed for a structure. … The applicant can avail ITC of GST paid on purchase of new ready to use furniture such as chairs, etc as per provisions mentioned in Section 16 of the CGST/RGST Act, 2017.
How is GST calculated for ITC
Period is calculated from the date of the tax invoice. Since GST is charged on both goods and services, input credit can be availed on both goods and services (except those which are on the exempted/negative list). Input tax credit is allowed on capital goods.
Can we claim GST input on hotel bills
Yes you can claim ITC on hotel bill ( not food expenses only stay bill ) provided you are having your GST registration in the same state .
Can we claim GST input on freight charges
This tax will be levied on supply value according to regular rates depending on the goods being transported. If freight charge is added to the value of supply as mentioned in the bill, GST levied on freight charges will be the same rate as that applicable to the supply value.
Is GST input available on construction
Constructing an immovable property on own account No ITC is available for goods/services for construction of an immovable property on his own account. Even if such goods/services are used in the course or furtherance of business, ITC will not be available. But this rule does not apply to plant or machinery.
Can we take GST input on furniture
“Immovable Property” has not been defined in GST Act. So we have to understand it in common business parlance. Normally, furniture is movable, as it can be shifted easily from one place to another. … So they will be considered “Movable Property”, and ITC will be allowed on them.
Can hotels claim ITC
So, it is very important to determine the “place of supply” for understanding the levy of tax and further availing of Input Tax Credit (ITC). There is no issue in taking Input Tax Credit in case of the intra-state supply of hotel accommodation services.
What is eligible ITC in GST
A registered person will be eligible to claim Input Tax Credit (ITC) on the fullfilment of the following conditions: 1. Possession of a tax invoice or debit note or document evidencing payment. 2.
Can we claim GST input on insurance
GST paid on general insurance is available, if expense is for the business purpose. So, GST on insurance premium paid for factory building, motor vehicle, fire insurance etc will be eligible for Input Tax Credit (ITC). … Hence, if vehicle is used for any other purpose ITC will be disallowed.
Can we claim GST on two wheeler
Reply— A taxpayer can claim ITC on purchase of motor vehicle (goods deliver vehicle) when used for transportation of goods provided it is exclusively used for Transportation of goods. ITC of GST paid on purchase of bike (two-wheeler) will not be available.
What is the time limit for taking ITC
180 daysTo claim ITC, the buyer should pay the supplier for the supplies received (inclusive of tax) within 180 days from the date of issuing the invoice. If the buyer fails to do so, the amount of credit they would have availed, will be added to their output tax liability.