PPT: Input Tax Credit | Taxation for CA Intermediate PDF Download

 Page 1


Input Tax Credit under 
GST
Page 2


Input Tax Credit under 
GST
3
CGST Central Goods and Services Tax
FY Financial Year
GST Goods and Services Tax
GSTIN Goods and Services Tax Identification Number
IGST Integrated Goods and Services Tax
ISD Input Service Distributor
ITC Input Tax Credit
PAN Permanent Account Number
SGST State Goods and Services Tax
UTGST Union Territory Goods and Services Tax
Page 3


Input Tax Credit under 
GST
3
CGST Central Goods and Services Tax
FY Financial Year
GST Goods and Services Tax
GSTIN Goods and Services Tax Identification Number
IGST Integrated Goods and Services Tax
ISD Input Service Distributor
ITC Input Tax Credit
PAN Permanent Account Number
SGST State Goods and Services Tax
UTGST Union Territory Goods and Services Tax
4
Introduction
Eligibility and 
Conditions for 
Taking Input Tax 
Credit
Conditions for 
Taking ITC
Details to be 
Contained in 
the Tax Paying 
Documents
Time-limit for 
Payment of the 
Invoice
Time Limit for 
Availing ITC
Apportionment 
of Credit and 
Blocked Credits
Method of 
Apportionment 
of Credit and 
Reversal
Options for 
Banks, FIs and 
NBFCs
Credit in Special 
Circumstances
Reversal of ITC
Supply of 
Capital Goods 
on which ITC 
has been taken
Transfer of ITC 
on Account of 
Change in 
Constitution
Distribution of 
Credit by Input 
Service 
Distributor
Page 4


Input Tax Credit under 
GST
3
CGST Central Goods and Services Tax
FY Financial Year
GST Goods and Services Tax
GSTIN Goods and Services Tax Identification Number
IGST Integrated Goods and Services Tax
ISD Input Service Distributor
ITC Input Tax Credit
PAN Permanent Account Number
SGST State Goods and Services Tax
UTGST Union Territory Goods and Services Tax
4
Introduction
Eligibility and 
Conditions for 
Taking Input Tax 
Credit
Conditions for 
Taking ITC
Details to be 
Contained in 
the Tax Paying 
Documents
Time-limit for 
Payment of the 
Invoice
Time Limit for 
Availing ITC
Apportionment 
of Credit and 
Blocked Credits
Method of 
Apportionment 
of Credit and 
Reversal
Options for 
Banks, FIs and 
NBFCs
Credit in Special 
Circumstances
Reversal of ITC
Supply of 
Capital Goods 
on which ITC 
has been taken
Transfer of ITC 
on Account of 
Change in 
Constitution
Distribution of 
Credit by Input 
Service 
Distributor
Introduction
5
The GST regime promises seamless credit on goods and services across
the entire supply chain with some exceptions
ITC in relation to registered person means the tax charged on purchase
of supply of goods or services
ITC is considered to be the lifeline of the GST regime, without which
there would be cascading of taxes leading to increase in costs
Page 5


Input Tax Credit under 
GST
3
CGST Central Goods and Services Tax
FY Financial Year
GST Goods and Services Tax
GSTIN Goods and Services Tax Identification Number
IGST Integrated Goods and Services Tax
ISD Input Service Distributor
ITC Input Tax Credit
PAN Permanent Account Number
SGST State Goods and Services Tax
UTGST Union Territory Goods and Services Tax
4
Introduction
Eligibility and 
Conditions for 
Taking Input Tax 
Credit
Conditions for 
Taking ITC
Details to be 
Contained in 
the Tax Paying 
Documents
Time-limit for 
Payment of the 
Invoice
Time Limit for 
Availing ITC
Apportionment 
of Credit and 
Blocked Credits
Method of 
Apportionment 
of Credit and 
Reversal
Options for 
Banks, FIs and 
NBFCs
Credit in Special 
Circumstances
Reversal of ITC
Supply of 
Capital Goods 
on which ITC 
has been taken
Transfer of ITC 
on Account of 
Change in 
Constitution
Distribution of 
Credit by Input 
Service 
Distributor
Introduction
5
The GST regime promises seamless credit on goods and services across
the entire supply chain with some exceptions
ITC in relation to registered person means the tax charged on purchase
of supply of goods or services
ITC is considered to be the lifeline of the GST regime, without which
there would be cascading of taxes leading to increase in costs
6
Eligibility and Conditions