What is Input Tax credit under GST system?

Input tax credit(ITC) is one of the most important features available under Good and Service Tax. Thus, it is available as a benefit to the entire chain involved in the cycle. i.e from the starting point of manufacturer till the end consumer, who consumes it.

However, there are few conditions binding to avail input tax credit on capital goods under GST. Further, there is a list of ineligible input tax credit under GST for goods and services. There are also, few statutory conditions for claiming ITC under GST.

What is the Meaning of Input Tax Credit?

Ans. Input tax credit under GST means the central tax (CGST), State tax (SGST), or Union territory tax (UTGST) and integrated tax (IGST). This tax is chargeable on the supply of goods or services or both made to a registered person.

Further, It also includes tax paid on a reverse charge basis and IGST charged on the imported goods. However, it does not include tax paid under composition levy or scheme.

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Difference between LR, CN, and E way bill under GSTl?

Here is the difference between LR, CN, and E way bill. LR is an lorry receipt, which you get once you upload your goods in the lorry/truck. This is an receipt acknowledgement from the transporter. CN is a Consignment note which is similar to the lorry receipt. Consignment note is a note which any transporter/courier company generates to take your material to the recipient. E way bill is an electronic document shall be carried by transporter of goods in addition with consignment note/LR. E way bill is a requirement of government to safeguard the revenue and to avoid tax evasion. With the help of e way bill the government ensures that no material is carried without making proper invoice and evading taxes. Learn more updates on E way bill at GST Latest News and updates as on today !

SOLVED : Failed to Establish Connection to the Server on GST portal

If you come across with error “Failed to Establish Connection to the Server. Kindly Restart the Emsigner” while signing your GST return or application with DSC, then you may try the following. This is emsigner error you get if you are filing your GSTR return with DSC (Digital Signature Certificate). However, if you are a regular GST return filer and if you see the error again in next month, then you may directly go to point no. 5 to check if emsigner is running. This may resolve your issue without following other steps. The above error occurs because earlier the emsigner was using the port “1645” (https://127.0 0.1:1645). But now the new version of emsigner is using the port “1585” (https://127.0 0.1:1585), thus raising the said problem. Continue reading https://127.0.0.1:1585 error on GST portal.

GST Rate List In India for Goods and services - See all Goods with HSN code

What is GST Rate ? GST rate is rate of tax, which supplier of goods shall pay at the time of its sale. In order to pay the tax to the government supplier prepares the tax invoice in the name of receiver. This includes number of items(qty), rate of item, total value of items(Assessable value), total tax on the item and grand total. However, all goods are not taxable under GST law. Therefore wherever the tax rate is zero or nill, taxpayer need not have to pay tax to the government...Read GST Rates for goods here.. GST Rates of Services See various GST Rates for services from here.

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