Input Tax Credit and Its Utilization – Test 2

A person shall be entitled to take Input Tax Credit(ITC) only if

Input tax credit means

Input Tax in relation to a registered person, means the _____charged on any supply of goods or services or both made to him

Input Tax in relation to a registered person, includes the

Input means

Input service means

Capital goods means

Identify the correctness of the given statement :

Input tax credit shall be availed by a registered person, in respect of any tax that has been paid in pursuance of any order where any demand has been confirmed on account of any fraud, wilful misstatement or suppression of facts.

Input tax credit on goods received in lots or instalments shall be available

Upender received  an advance payment of Rs.1,00,000 from Shubham on 01.08.2018 for supply of 2000 metres Fabric for which invoice is issued by him on the same date. Fabric shall be supplied in 3 instalments over a period of 3 months beginning of September, 2018. When will Shubham be able to take input credit ?

If the recipient fails to pay to the supplier of goods/services both, the amount towards the value of supply along with tax payable thereon, within a period of _______ form the date issue of invoice by the supplier, ITC availed by the recipient along with interest thereon shall be added to his output tax liability

If the recipient fails to pay the supplier of goods/services or both, the amount towards the value of supply along with tax payable thereon, within a period of 180 days from the date of issue of invoice by the supplier, ITV availed by the recipient along with interest thereon shall be added to his output tax liability.

In which of the following cases the condition mentioned above shall be apply ?

Suppose in the above question, Sony makes the payment of Rs.59,000 on 05.10.2018 to the supplier. In such a case, Sonu can re-avail  the credit of input tax of Rs.9,000 on 05.10.2019

Determine the correctness of the above statement

Where the registered person has claimed depreciation on the tax component of the cost of capital goods as per the provision of the Income-tax Act, 1961, the input tax credit on the said tax component shall also be available.

Determine the correctness f the above statement

Where the capital goods are used partly for taxable supply and partly for exempted supply, input tax credit shall be available to the extent that these capital goods are used for taxable supply.

Whether the given statement is true or false ?

A registered person shall not be entitled to take ITC in respect of any invoice or debit note for supply of goods or services or both after

As per section 44(1), due date for furnishing Annual Return for every financial year is

Where inputs, inputs services and capital goods are used in the supply of exempted goods or services, then the benefit of ITC on such inputs, input services and capital goods

Where inputs, inputs services and capital goods are used for purpose other than business, then the benefit of ITC on such inputs, input services and capital goods

Where the goods or services or both are used by the registered person partly for the purpose of any business and partly for other purpose, the amount of credit shall be available

Rachit owning a shoes showroom provides the following information for the month of August, 2018 :

He purchased 100 paid of shoes worth Rs.1,18,000 which include GST of Rs.18,000, out of which 98 pair of shoes is sold in the course of business and 2 pair is used by Rachit for his personal purpose

Determine the amount of ITC available to Rachit

Where the goods or services or both are used by the registered person partly for the effecting taxable supplies including zero-rated supplies and partly for effecting exempt supplies, the amount of credit shall be available

Which of the following supplies shall be covered under the exempt supply ?

Robin owning a shopping complex provides the following information for the month of July, 2018 :

He received certain services from Mr.Jojo exclusively for the effecting zero-rated supply of goods. GST charged on such services from Jojo was Rs.50,000.

Determine the amount of ITC available to Robin.

Where capital goods are used or intended to be used exclusively for making taxable supply of goods or services the, how much benefit shall be available in respect of ITC on such capital goods ?

Where capital goods are used or intended to be used for non-business purpose or exclusively used for exempt supply of goods or services then, how much benefit shall be available in respect of ITC on such capital goods ?

Where the goods or services or both are used by the registered person partly for the effecting taxable supplies including zero-rated supplies and partly for effecting exempt supplies, the amount of credit shall be available

Which of the following supplies shall be covered under the exempt supply ?

Robin owning a shopping complex provides the following information for the month of July, 2018 :

He received certain services from Mr.Jojo exclusively for the effecting zero-rated supply of goods. GST charged on such services from Jojo was Rs.50,000.

Determine the amount of ITC available to Robin.

Where capital goods are used or intended to be used exclusively for making taxable supply of goods or services then, how much benefit shall be available in respect of ITC on such capital goods ?