IGST Act

Integrated Goods and Service Tax Act received the assent of the President on the 12th April 2017. IGST act will make a provision for levy and collection of tax on Inter-State supply of goods or services or both by the Central Government. IGST Act has 9 chapters and 25 sections. CHAPTER I: PRELIMINARY CHAPTER II: … Continue reading IGST Act

Eligibility and conditions for taking Input Tax credit (Section 16) FAQ

Q 1.Whether capital goods can be considered as inputs? Ans. No. ‘Inputs’ are defined under Section 2(59) of the CGST Act to mean any goods other than capital goods used or intended to be used by a supplier in the course or furtherance of business. ‘Capital goods’ are defined under Section 2(19) of the CGST … Continue reading Eligibility and conditions for taking Input Tax credit (Section 16) FAQ