Types of Input GST
INPUT GST IS OF 3 TYPES
- Inputs : - Any goods direct or indirect used for furtherance or business
- Capital Goods : - Any Machine or Fixed Asset (Capitalized in books) direct or indirect used for furtherance or business
- Input Services : - Any service used for furtherance of business
All these can be Directly or Indirectly used in Business
When is the date of Input Available?
Input Available on Date Goods Received in Premises and Not Invoice Date
However, on Sales, Output to be Given as per Date of Invoice
If goods received in lots, input available on Date Final lot received
When is no Input Tax credit Available in GST?
|Food and Beverages||Execept or same type of service|
|Cosmetic and Plastic Surgery|
|Membership of a Club|
|Health and Fitness Centre|
|Rent - a- Cab||except when made obligatory by govt|
|Life Insurance||for same type of service|
|Travel Benefits (LTC)|
|Works Contract Services||Except or same type of service|
|Goods or Services on which tax has been paid under section 10(Composition Scheme)|
|Goods or Services received by a non-resident taxable person|
|Goods or Services used for personal consumption;|
|Goods Lost, Stolen, Destroyed, written off or disposed|
|Tax paid in accordance with the provisions of sections 74, 129 and 130(Tax levied because of fraud, misstatement, confiscation of goods).|
Important points of capital Goods
- All fixed assets are Capital Goods even if not Directly Used for production
If Machine Capitalized in books, it is a Capital Goods If Machine Capitalized in books, it is a Capital Goods.
If Machine not Capitalized in books, it is Inputs.
Those additions to assets which Increase efficiency of asset beyond its previous capacity are capitalized.
Inputs of Motor Vehicles
Inputs of Motor Vehicles will be available as follows
Input Available only to
Car Selling Business
Passenger Transport Business
Motor Driving Training Business