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Document and forms for claiming ITC under GST

Following documents would be required by each applicant who wants to claim ITC under, GST:

👍An invoice issued by the supplier for the supply of goods and services or both as per the GST law.

😳The eligible ITC must appear in the GSTR-2B of the recipient or buyer.

😳The debit note issued by the supplier to the recipient in case of taxable value or tax payable mentioned in the invoice is less than the taxable value or tax payable on such supply of goods and services or both.

❤️‍🔥Bill of entry

🥎An invoice issued under certain circumstances like the bill of supply issued instead of tax invoice if the amount is less than Rs 200 or in situations where the reverse charge is applicable as per GST law.

⚽️ An invoice or credit note to be issued by the Input Service Distributor(ISD) as per the invoice rules under GST.

🍎 A bill of supply issued by the supplier of goods and services or both as per the invoice rules under GST

😇All the above applicable documents prepared as per the invoice rules under GST are to furnished at the time of filing form GSTR-2.

 😞ITC cannot be claimed on the tax paid on goods and services or both due to an order for the demand raised due to any fraud, willful misstatement or suppression of facts.

Input Tax Credit’ or ‘ITC’ means the Goods and Services Tax (GST) paid by a taxable person on any purchase of goods and/or services that are used or will be used for business. 

Central Govt Releases Rs. 17,000 Crore Of GST Compensation To States/UTs

The Central Government released an amount of Rs. 17,000 crore to States/UTs on 24.11.2022 towards the balance GST compensation for the period April to June, 2022.
The total amount of compensation released to the States/UTs so far, including the aforesaid amount, during the year 2022-23 is Rs.1,15,662 crore.

This is despite the fact that total Cess collection till October, 2022 is only Rs.72,147 crore and the balance of Rs. 43,515 crore is being released by the Centre from its own resources. With this release, the Centre has released, in advance, the entire amount of Cess estimated to be collected this year till March-end available for payment of compensation to States.
This decision was taken to assist the States in managing their resources and ensuring that their programmes especially the expenditure on capital is carried out successfully during the financial year.

Even in May this year, the Central Government had released Rs. 86,912 crore as provisional GST compensation to States for the period Feb-May'2022 despite the fact that there was only about Rs. 25,000 crore in the GST Compensation Fund, by making arrangement of funds of around Rs. 62,000 crore from its own resources.

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Why is Dual GST required?

India is a federal country where both the Centre and
the States have been assigned the powersto levy and collect
taxes t h r o u g h a p p r o p r i a t e legislation.
Both t h e l e v e l s of Government have distinct responsibilities to
perform according to the division of powers prescribed in the Constitution for which they need to raise resources.
A dual GST will, therefore, be in keeping with the Constitutional requirement of fiscal federalism.