Online Recorded GST Course on GST Input Tax Credit (ITC) by Adv (CA) Bimal Jain

About Speaker:

Adv (CA) Bimal Jain

• FCA, FCS, LLB with 24 Yrs. of Experience in Indirect Taxation – GST, Service Tax, Excise, Customs, VAT/CST, FTP, DGFT matters etc.
• Chairman of Indirect Tax Committee of PHD Chamber of Commerce
• Author of books on Goods and Services Tax,  “GST LAW AND COMMENTARY (With Analysis and Procedures)” [8th Edition – May 2023]

Coverage of the Course :

• What is the Eligibility and Condition for claiming ITC- Section 16 with practical scenarios and examples
• Requirement and reversal of ITC (Rule 37)
• Interplay of Valuation – GST ITC
• Schedule I vs Rule 37 Comparative Study
• Rules and Provision for Offset of ITC – Case Study
• Concept of Claim – Reversal – Reclaim
• Clarification on Non Filing of GSTR-1 and GSTR 3B
• Other provision of Section 17 for reversal of common ITC and reversal as per Rule 42/43 for Input, Input Service & Capital Goods
  • Exclusions in value of exempt supplies for the purpose of reversal of common credit ITC as per rule 42 and 43
  • Exclusion of interest income and other exempt services from aggregate value of exempt supplies for reversal of common ITC as per rule 42 and 43
• Special Provision for Banking, Financial Institutions, NBFC’s
• Blocking of ITC (Rule 86A)
• Restrictions on use of amount available in electronic credit ledger (Rule 86B)
• Order of utilization of input tax credit (Rule 88A)
• Manner of calculating interest on delayed payment of tax (Rule 88B)
• Availability of credit in special circumstances
  • ITC on opening stock of inputs at the time of registration
  • ITC on stock of inputs available to person taking voluntary registration
  • ITC on opening stock of inputs and capital goods available on opting out of composition scheme
  • ITC on stock of inputs and capital goods when exempted goods or services become taxable
  • ITC reversal on closing stock of inputs on switching to composition scheme/ wholly exempt supplies
  • Transfer of ITC in case of sale, merger, demerger, amalgamation, etc.
  • Transfer of ITC on obtaining separate registration for multiple places of business within a state or UT
  • Removal of capital goods or plant and machinery
• Taking ITC in respect of inputs and capital goods sent for job-work
• Manner of distribution of credit by Input Service Distributor
• Manner of recovery of credit distributed in excess
• Apportionment of Credit
  • Meaning of Taxable & Exempt Supply
  • Credit used exclusively for Taxable supply / exempt supply
  • Common Credit
  • Supplies for personal consumption etc.
  • How to apportion the credit
• Blockage of Credit in respect of
  • Motor Vehicles, Vessels and Aircraft; their servicing repair & maintenance.
  • Food & beverages, outdoor catering beauty treatment, health services, cosmetic & plastic surgery, renting or hiring of motor vehicles, and others
  • Woks contract services
  • Membership of Club, Health and Fitness Centre
  • Goods & Services provided to employees
  • Travel benefits to employee
  • Construction of immovable property on own account
  • Tax paid under composition scheme
  • Goods or services received by a non-resident taxable person
  • Goods or services used for CSR activities
  • Goods or services used for personal consumption
  • Gifts, free samples and goods lost or written off
  • Tax paid in fraud cases, confiscation etc.
• ITC on Works Contract and Construction of Immovable Property related issues such as:
  • Installation of lift
  • Overhead crane
  • Construction of warehouse for leasing
  • Civil construction for installation of machinery etc.
• Credit on free gifts, samples, goods lost, stolen or destroyed etc.
• ITC & Tax paid under Section 74, 129 and 130
• Discussion on various important judgments on ITC
  • How to prove genuineness of transactions to avail GST IT
  • ITC can be claimed during revocation of cancelled GST registration
  • Claiming Time Barred ITC for the period of Cancellation
  • ITC availability on vouchers and subscription packages
  • Constitutional validity of Section 16(2)(c) challenged in various cases
  • Constitutional validity of Section 16(4) challenged in various cases
  • Case laws on rectification of error or omission made while filing GST statements/ returns/ forms
  • Other important case laws on GST ITC
• Open House: Question and Answer

Key features of the course:

• E-Certificate to all participants
• Background Material (BGM) available in PDF (Downloadable basis)
• Dedicated WhatsApp group, Telegram and E-mail for Free Subscription of GST Updates for 1 Year
• Hindi/English medium
• Special 45% Discount on our latest ‘GST Law and Commentary with Analysis and Procedures’ by Bimal Jain & A2Z Taxcorp LLP – May 2023 Edition

Terms and Conditions:

• The Recorded Session will be provided.
• A total of 3 Recorded Sessions (3 Hours each), will be available for 18 hours or 60 Days whichever expires earlier