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Input Tax Credit under GST

Input Tax Credit under GST is a credit which is available to supplier to set off the tax he has paid on purchase of goods from output tax on sale of such goods. Hence, the tax will levy on the value added which results in avoiding double taxation.

Input Tax in relation to a taxable person, means the tax charged on any supply of goods and/or services to him which are used in the course or furtherance of his business, but does not include the tax paid under the Composition levy.

Requirements for Input Tax Credit under GST

  • GST Tax Invoice

It is one of the most essential item for input tax credit. A GST Tax Invoice shall be retained whenever an input tax is paid.

  • Receive the Goods & Services

Whenever a tax credit refund is claimed, the goods and services on which it is claimed shall have to be received. In order to process the refund of input tax credit under GST, a proof of this will be required . A proof of actual tax paid by the dealer or supplier to the government shall also be required. The refund of input tax credit under GST cannot be claimed if the GST has not been paid or the proof has not been retained.

  • Furnishing of GST Return

It is compulsory for every GST taxpayer to file the returns to the concerned GST authorities. Therefore, to apply for GST input tax credit, a copy of GST Return is necessary. The details of the transactions shall also be included in the returns furnished so that they can be easily verified and checked with respect to the authenticity of the input tax credit paid to the dealer of the specified goods and (or) services.

In case you are still confused about GST as a business owner, feel free to get FREE consultancy from us at +91 98160 02197. You can even get comprehensive assistance on GST Registration and GST Return Filing. We use our authenticated GST software for doing end-to-end GST compliance. Check our GST Compliance Pricing Plan

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