Friends, The following is the list of Checklist for Claiming Input Tax Credit in GST :-
Your Checklist for Claiming Input Tax Credit
Input tax credit
is a critical component of compliance under GST. While input tax credit is
available on all inputs used in the course of business or for furtherance of
business, certain conditions have been laid down for claiming the input credit.
Also, input tax credit is not allowed on certain inputs. This checklist is a
useful ready reckoner for you to claim input tax credit correctly.
|
Conditions for claiming input tax credit
|
Negative list (Goods or services on
which input tax credit cannot be claimed)
|
||
 |
The inputs should be used or intended to be used in the
course of business or for furtherance of the business
|
|
Motor vehicles or other conveyance, unless they have
been further supplied or used for transporting passengers or goods or used
for imparting training on driving, flying or navigating the vehicles
|
|
|
You should have a tax invoice/debit note for the inward
supply, issued by a registered person
|
|
Food and beverages, outdoor catering, beauty treatment,
health services, cosmetic and plastic surgery, unless they have been used for
making outward supply of the same category of goods or services
|
|
|
You have received the goods or services
|
|
Membership of clubs and health & fitness centres
|
|
|
The supplier has paid the tax to the Government
|
|
Rent-a-cab services, life & health insurance taken
for employees, unless these services have been notified as obligatory for an
employer to provide to its employees or they have been used for making
outward supply of the same category of goods or services
|
|
|
You have furnished Form GSTR-3 for the month
|
|
Travel benefits to employees on vacation, such as leave
or home travel concession
|
|
|
If goods are received in lots or instalments, input
credit can be taken only upon receipt of the last lot or instalment
|
|
Works contract services used for construction of an
immovable property (other than plant & machinery), except where the
services have been used for further supply of works contract service
|
|
|
Inputs have been used for making taxable supplies, not
exempt supplies
|
|
Goods or services received for construction of an
immovable property (other than plant & machinery)
|
|
|
Input credit is being availed before the date of filing
of return for September of the next financial year or the date of filing of
annual return, whichever is earlier
|
|
Goods lost, stolen, destroyed, written off or disposed
as gift or free samples
|