GST – ITC (INPUT TAX CREDIT): FY 2023-24 UPDATES

Input Tax Credit (ITC) is a crucial concept under the Goods and Services Tax (GST) regime in India. It allows businesses to claim credit for the tax paid on inputs used to produce taxable goods or services. Here’s a detailed overview of ITC under GST:

What is ITC?

Input Tax Credit (ITC) is the credit that businesses can claim for the GST paid on inputs (goods and services) used in the course of business. This helps in avoiding the cascading effect of taxes (tax on tax), making the tax system more efficient and less burdensome.

Please refer our blogs on recent development and deep info of Input Tax Credit under GST : –

Sr. No	Blogs
1	Input Tax Credit Denied Over Doubts About Transaction Authenticity
2	“Revoking GST Registration Cancellation: Implications for Input Tax Credit”
3	Council To Decide On New GST Rule: May have to explain discrepancy in ITC Claims
4	Understanding ITC Availability for Warranty Replacement of Parts and Repair Services During the Warranty Period
5	Maximize Your ITC Tracking Efficiency with GSTN’s New Electronic Credit Reversal and Re-claimed Statements!
6	“GST Updates: Reversing ITC When Suppliers Miss the September 30th Deadline”
7	Kerala High Court Slams Unfair Denial of ITC Based on GSTR-2A in Landmark Ruling
8	🚨 Important Updates: Restricting ITC up to Output Tax rate in case of Motor Cab Services💼
9	“Why Just Bills Aren’t Enough: A Deep Dive into the Court’s Tax Credit Verdict”
10	Good News: GSTN Extends Deadline for ITC Reversal Opening Balance Declaration
11	“CBIC Announces Launch of ‘Public Tech Platform for Frictionless Credit’ to Boost Credit Ecosystem”
12	GSTN and RBI Collaboration: Paving the Way for Frictionless Credit through Data Sharing
13	GST for India’s Hospitality and Food Service Industry
14	GST Treatment on Discounts: A Comprehensive Guide
15	Understanding Blocked or Ineligible Input Tax Credit under Section 17(5) of the CGST Act
16	Advisory on Reset and Re-filing of GSTR-3B: A Step Towards Tax Compliance
17	Understanding Input Tax Credit on Food: What You Need to Know
18	GST Facts about 1% payment of tax liability in cash.
19	Understanding GST Input Tax Credit (ITC) Reversal and Re-Availment under Rule 37A
20	Purpose and Impact of Reverse Charge Mechanism (RCM) in India:
21	Understanding the Applicability of Time Limits in Section 16(4) for Input Tax Credit in GSTR 3B
22	GST on Royalty Paid to Authors: Applicability of RCM
23	Understanding FORM GST ITC-02: A Comprehensive Guide
24	Non-Taxable Supplies Under GST: Article 265 and Section 7(1)
25	Understanding Suo Moto Registration under GST
26	The Impact of GST on the Indian Art Industry
27	Credit Not Taken: Problems in GST Compliance
28	Avoiding Interest Penalties: Section 50(1) Under GST
29	CBIC Clarifies GST Liability and ITC for Warranty/ Extended Warranty Cases
30	Detailed Look at GST Implications on Sponsorship Services
31	GST Reconciliation Made Easy: Compliance Tips for Businesses
32	Madras HC Quashes GST Order, Mandates Reassessment
33	Clarification on Input Tax Credit for Optical Fiber Cable Network Components
34	Section 14 – Time of supply in case of a change in Rate of tax.
35	Understanding the Recent Clarifications on Input Tax Credit (ITC) under RCM
36	Ensuring Compliance with GST: Recovery of Outstanding Dues
37	Clarification on GST Rates and Classifications: Recent Updates
38	Clarification on Taxability and Valuation of Corporate Guarantees.
39	GST Taxability of Salvage Value in Motor Vehicle Insurance Claims
40	Clarification on ITC Claim Time Limits for RCM Supplies from Unregistered Persons
41	Maximizing ITC Benefits in Motor Vehicle Repair Claims
42	Clarification on the Place of Supply of Goods to Unregistered Persons

Dive into the dynamic world of Goods and Services Tax (GST) with our comprehensive blog series. From the latest regulatory updates to expert insights on compliance, our curated collection of articles covers everything you need to know about GST. Stay informed, make strategic decisions, and empower your business with the knowledge to navigate the complexities of taxation. Explore the Input Tax Credit (ITC) Related Blogs from February 2023 to July 2024, providing valuable perspectives on GST trends, reforms, and practical tips.

LinkedIn Link : RMPS Profile

This article is only a knowledge-sharing initiative and is based on the Relevant Provisions as applicable and as per the information existing at the time of the preparation. In no event, RMPS & Co. or the Author or any other persons be liable for any direct and indirect result from this Article or any inadvertent omission of the provisions, update, etc if any.

Please follow and like us: