eligibility of Input tax credit

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... eligibility of Input tax credit
Query (Issue) Started By: - Bharat Cholleti Dated:- 13-6-2020 Last Reply Date:- 14-6-2020 Goods and Services Tax - GST
Got 3 Replies
GST
Dear sir, A taxab .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... le person is taking credit of input tax and making offset with out put tax and balance tax is paying. He is also having commercial rental income and making the set off with regular input tax is it cor .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... rect? or the out put tax on commercial rent to be paid in cash only? please clarify with supporting section or ruling etc. Thanks in advance Reply By Ganeshan Kalyani: The Reply: In GST, the credit .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... is eligible if the inputs are used in course or furtherance of the business. In my view, you can offset the regular input tax against the tax payable on rental income. Reply By YAGAY andSUN: The Repl .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... y: In our view, you can adjust ITC for paying of output liability. Reply By KASTURI SETHI: The Reply: I support the views of both experts. There is no one to one correlation in ITC under GST.
D .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... iscussion Forum - Knowledge Sharing .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X