GST Claim in Chennai

The GST claim is about claiming the ITC- Input Tax Credit. It means reduction of the taxes paid on input from taxes to be paid on output. When any of the goods and services is supplied to the taxable person, then GST is charged. This is called input tax. Earlier the claiming of the input tax credit for the central sales tax, luxury tax and entry tax was not possible. Also the manufacturers and the service providers could not claim the central excise duty. The conditions to claim ITC under the GST would be a critical activity for business to settle the tax liability. To claim the ITC, one must be a registered taxable person. One can claim the ITC only if the services or the goods are received for the business purpose. The input tax credit can be also claimed on the exports/zero rated supplies and they are taxable. For a registered taxable person, if the constitution changes due to merger then the input tax credit which was not used shall be transferred or sold.

Gst Registration Consultants in Chennai can credit the input tax credit in the electronic credit ledger in a provisional manner. If there is actual receipt of the goods and the services then the ITC can be claimed. It is to be noted that input tax credit should be paid through electronic credit or cash ledger. The business needs to adhere to the rules. If the product has been received in instalments then credit can be claimed against the tax invoice for last instalment. Goods and services are important for an employer to provide the employees under any law. For certain businesses, the supplier must have the GST return and the buyer must have a valid tax invoice or any other prescribed document which has been issued by a registered dealer.