The Central Board of Excise Board has said that ITC or input tax credit will not be lost in the transition to goods and services tax.
Allaying concerns of industry and businesses on input tax credit – applicable on items held as input, semi-finished goods, finished goods, or capital goods.
After GST kicks in, the CBEC under the revenue department said: “The law allows you to carry forward your inputs tax credit and ensures that no ITC is lost while migrating into the new regime.”
The CBEC has come out with clarifications on details required and available input tax credit available to manufacturers, traders, and service providers under GST. It explained various provisions using the following table:
The taxpayer can claim the input tax credit on various items, that are used as raw material input during the manufacturing process. more
The officials of DGGI, Aurangabad Regional Unit, and Nashik Regional Unit conduct searches on the premises of a Multinational Brewery located at Aurangabad. more
The ITC reconciliation under GST is to reconcile data with purchase data to calculate and claim the most accurate amount of input tax credit. more
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