Income Tax


Wednesday 23 August 2017

How to Take Input Tax Credit Under GST ?

Hello Friends, Today we Discuss a Topic which is very Important now a days. Regarding, How to take Input Tax Credit under GST of various Indirect Tax(VAT, Service Tax, Excise, Custom, Entry Tax or If any) ?
For taking ITC under GST, Government providing the Trans-1, Trans-2 & Trans-3 form. To fill the form correctly & properly, to mention ITC figure in the Trans Form.

Applicability of Trans Form are as follows, 

Trans-1 Form, applicable to those who have registered earlier under previous Indirect Taxation, for example VAT, Service Tax, Entry Tax & If any other. 

Following Conditions must fullfill for Trans-1 Form
In part 1
Any Excess credit from any previous indirect tax upto June,2017 can take that same credit under GST.

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