Tag: ITC

Input Tax Credit

Situations where Input Tax Credit cannot be availed.

INPUT TAX CREDIT  With the continuing sensations of GST law and implementation, the mechanism can only function when rest on ITC i.e Input tax credit. Input Tax credit can be defined as at the time of paying  tax on output,  one can reduce the tax he,/she have already  paid on inputs. Any individual can avail…
Read more

Reconciliation

Reconciliation of GST

Reconciliation of GST : The restoration or reconciliation  under GST would help in keeping  the account books in sync with the filling  done. It will happen between  the purchase ledger you make GSTR-2A,  which shall be auto populated using the sales data uploaded in GSTR-1. Reconciliation of GST will highlight errors in different cases,  among…
Read more