Input tax credit clarification: ITC for deemed exports and exclusions, plus electronic ledger use for tax payments. Tax paid on supplies treated as deemed exports is refundable; the interim allowance enabling recipients to avail ITC on such tax for portal refunds is not ITC under Chapter V and therefore not subject to ITC reversal or included in Net ITC for refund computations. The proviso expanding availability of credit for employer provided goods or services applies to the whole exclusion clause for employee supplies, while 'leasing' exclusion is confined to motor vehicles, vessels and aircraft. Electronic credit ledger balances may be used only for output tax (excluding reverse charge tax) and not for interest or penalties; electronic cash ledger may meet tax, interest, penalty or other GST liabilities.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Input tax credit clarification: ITC for deemed exports and exclusions, plus electronic ledger use for tax payments.
Tax paid on supplies treated as deemed exports is refundable; the interim allowance enabling recipients to avail ITC on such tax for portal refunds is not ITC under Chapter V and therefore not subject to ITC reversal or included in Net ITC for refund computations. The proviso expanding availability of credit for employer provided goods or services applies to the whole exclusion clause for employee supplies, while "leasing" exclusion is confined to motor vehicles, vessels and aircraft. Electronic credit ledger balances may be used only for output tax (excluding reverse charge tax) and not for interest or penalties; electronic cash ledger may meet tax, interest, penalty or other GST liabilities.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
