Who are saying that for more than 5 years happened the Goods and Service Tax Act, 2017 introduced. It was new tomorrow, new today and also will be new in the future. GST and its amendments are continuous for us.

Ever since GST has been discussed across the nation, the input tax credit has been spoken about in the same breath. In essence, ITC is the heart and soul of GST. One of the fundamental reasons, why GST is good for the nation, is, the seamless flow of input credit across the chain (right from the manufacture of goods till the end consumer) and across states/Union Territories, which earlier was not the case. More than 100 Advance ruling and judgement where Input tax credit availability discussed. In this article, we will see a broad and narrow view how we decide the availability of input tax credit.

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Subtopics

1. Section-16 :-Eligibility and conditions for taking input tax credit.

2. ADVANCE RULING NO. GUJ/GAAR/R/37/2021 (M/s. The Varachha Co Op Bank Ltd)

One of the guiding ruling for availability of Input Tax Credit

Admissibility of Input Tax Credit on following cases:-

(i) Central Air Conditioning Plant (Classified & Grouped under "Plant & Machinery")

(ii) New Locker Cabinet (Classified & Grouped under "Locker Cabinets")

(iii) Lift (Classified & Grouped under "Plant & Machinery")

(iv) Electrical fittings, such as Cables, Switches, NCB and other Electrical

(v) Consumables Materials (Classified & Grouped under separate block namely "Electrical fittings")

(vi) Roof Solar (Classified & Grouped under "Plant & Machinery")

(vii) Generator (Classified & Grouped under "Plant & Machinery")

(viii) Fire Safety Extinguishers (Classified & Grouped under "Plant &

(ix) Machinery")

(x) Architect Service Fees (Charged to Profit & Loss Account)

(xi) Interior Designing Fees (Charged to Profit & Loss Account)

3. CIRCULAR NO. 193/05/2023-GST [F. NO. CBIC-20001/5/2023-GST]

Clarification to deal with difference In Input tax credit (ITC) Availed in Form GSTR-3B as Compared to that detailed in Form GSTR-2A for the period 1-4-2019 To 31-12-2021

4. Landmark judgement by Supreme Court in case of

SUPREME COURT OF INDIA

Assistant Commissioner of State Tax v. Suncraft Energy P. Ltd.*

5. Press Release

SECTION 16 OF THE CENTRAL GOODS AND SERVICES TAX ACT, 2017 – ELIGIBILITY AND CONDITION FOR TAKING INPUTTAXCREDIT – TAXPAYERS ARE FREE TO UTILISE INPUTTAXCREDIT AVAILABLE IN THEIR CREDIT LEDGER AS PERMISSIBLE BY LAW TO DISCHARGE THEIR GST DUE FOR MARCH MONTH

About Speaker

Gaurav Sharma, B.Com, ACA (Membership No. 562176). He is an associate member of the Institute of Chartered Accountants of India. He has experience in the profession and specializes in Auditing- Statutory and Internal, Accounting, Taxation, Infrastructure Project Management, Corporate Structuring, Financial Services, Indirect Taxation: VAT & Sales Tax, Goods and Services Tax (GST), FEMA, Foreign Taxation, Transfer Pricing etc. He is the most versatile character and uses innovative methods to deal with complex problems. He is associated with Hindalco Industries Limited (A Metal flagship company of Aditya Birla Group) since last more than two years. Before ABG he was associated with ICICI Bank Limited as a Credit Manager.