Input Tax Credit availability clarified for deemed export refunds, employer perquisites and ledger utilisation under GST. Tax paid on deemed export supplies may be placed in recipients' electronic credit ledgers solely to enable refund claims but does not constitute ITC under Chapter V and is excluded from 'Net ITC' for refund computations; the proviso to clause (b) of section 17(5) applies to the entire clause making credit available where goods or services are obligatory for an employer under law; 'leasing' in the exclusion is limited to motor vehicles, vessels and aircraft; employment perquisites under contract are not supplies for GST; electronic credit ledger balances may be used only for output tax (excluding reverse charge) while the electronic cash ledger may meet tax, interest, penalty and other 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 availability clarified for deemed export refunds, employer perquisites and ledger utilisation under GST.
Tax paid on deemed export supplies may be placed in recipients' electronic credit ledgers solely to enable refund claims but does not constitute ITC under Chapter V and is excluded from "Net ITC" for refund computations; the proviso to clause (b) of section 17(5) applies to the entire clause making credit available where goods or services are obligatory for an employer under law; "leasing" in the exclusion is limited to motor vehicles, vessels and aircraft; employment perquisites under contract are not supplies for GST; electronic credit ledger balances may be used only for output tax (excluding reverse charge) while the electronic cash ledger may meet tax, interest, penalty and other liabilities.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
