Section 18 of the GST Act deals with the availability of credit in special circumstances. It states that a registered person is eligible to claim input tax credit (ITC) on certain goods or services, even if they were used for non-business or exempted purposes.
For example, let’s say a business purchases a computer for its office, and later decides to donate it to a school. Normally, the business would not be able to claim ITC for the GST paid on the purchase of the computer, as it was not used for business purposes. However, under certain special circumstances, the business may be able to claim ITC on the GST paid on the purchase of the computer.
The section also outlines certain other circumstances where ITC can be claimed, such as if the goods or services were used for making taxable as well as exempted supplies, or if the goods or services were received in a tax-free zone.
It is important to note that the claiming of ITC under special circumstances is subject to certain conditions and restrictions. For example, the ITC claimed must be reduced proportionately if the goods or services are subsequently used for non-business or exempted purposes.
In summary, Section 18 of the GST Act provides certain exceptions to the general rule of ITC eligibility, allowing registered persons to claim credit for GST paid on certain goods or services used for non-business or exempted purposes, subject to certain conditions and restrictions.
GST Registration in Gurgaon:
If you are a business owner in Gurgaon, it is essential to register for GST. Goods and Services Tax (GST) is a tax on the supply of goods and services that has replaced many other indirect taxes in India. It is a crucial step towards the ease of doing business in India, and every business that is eligible for GST registration must get it done.
At Taxslim Venture, we provide seamless GST registration services in Gurgaon. Our team of experts ensures that the entire process of GST registration is hassle-free for you. We guide you through the entire process, from filing the application to obtaining the GSTIN number.
GST Consultant in Gurgaon-Delhi-Noida:
As a business owner, managing GST compliance can be overwhelming. With ever-changing rules and regulations, it can be challenging to stay up-to-date with all the latest requirements. That’s where Taxslim Venture comes in. We are a team of GST consultants in Gurgaon-Delhi-Noida, providing comprehensive solutions for all your GST-related needs.
Our experienced team of GST consultants is equipped to handle all your GST compliance needs, from filing returns to handling audits. We stay up-to-date with all the latest GST rules and regulations to ensure that your business is always compliant.
In conclusion, GST registration and compliance are essential for every business in Gurgaon-Delhi-Noida. At Taxslim Venture, we provide end-to-end solutions for all your GST-related needs, ensuring that your business is always compliant and up-to-date. Contact us today to learn more about our GST services.
Regards,
Ravi Kumar Saini
+91 99.111.05.745
