web analytics

Types of Input GST

-a-

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

What is ITC.jpg

-ea-

When is the date of Input Available?

-a-

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

-ea-

When is no Input Tax credit Available in GST?

-a-

   
Food and Beverages Execept or same type of service
Outdoor Catering
Beauty Treatment
Health Services
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
Health Insurance  
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).  

-ea-

Important points of capital Goods

-a-

  1. All fixed assets are Capital Goods even if not Directly Used for production
  2. 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.

Learn more here

-ea-

Inputs of Motor Vehicles 

-a-

Inputs of Motor Vehicles will be available as follows

  • Goods Transport
    For All
  • Passenger Transport
    Input Available only to
    Car Selling Business
    Passenger Transport Business
    Motor Driving Training Business

-ea-

 

  1. GST - Goods and Services Tax, India
  2. GST Computation & Accounting
Ask Download

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 7 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .
Jail