WHAT IS GST?
GST i.e.Goods and Service Tax is a unified tax that replaces several indirect taxesleviedby the Central Government and the State Government(s)....
Read moreR.23 Computation of reverse input tax credit in cases of a dealer other than trader U.P. VAT RULES | |
R.23 Computation of reverse input tax credit in cases of a dealer other than trader-
(1) In case ofa dealer, other than a dealer referred to in sub-rule (1) of Rule (22), amount of reverse input tax credit, in respect of any quantityor measure of any goods-
(a) held by the dealer in stock as referred to in sub-rule (4) of Rule (22) in the same form and condition in which those were purchased; or
(b) used, consumed, disposed of or dispossessed, in the same form and condition in which those were purchased, in a manner in which he either is not entitled to claim any amount of input tax credit or is entitled to claim input tax credit of an amount which is lesser than the amount of input tax; or
(c) consigned by the trader outside the State otherwise than by reason of an inter-State sale, shall be computed in accordance with provisions of various sub-rules of Rule (22), as may be applicable.
(2) Where a dealer has used or consumed any quantity or measure of any goods in manufacture or processing of any other goods or in packing of such goods but he has used, consumed, disposed of or dispossessed in a manner in which he either is not entitled to claim any amount of input tax credit or is entitled to claim input tax credit of an amount which is lesser than the amount of input tax, for the purpose of computing amount of reverse input tax credit, the dealer shall compute the quantity or measure of all goods used or consumed in manufacture, processing or packing of goods and thereafter, he shall compute amount of reverse input tax credit for the quantity or measure of all such goods used or consumed in accordance with sub-rule (1) or sub-rule (2) of Rule (22), as may be applicable.
(3) Where a dealer has used or consumed any quantity or measure of any goods in manufacture or processing of any semi-finished goods or in manufacture, processing or packing of any manufactured or processed goods and such semi-finished or finished goods are held in stock on any date, he shall compute amount of reverse input tax credit for the quantity or measure of all such goods used or consumed in manufacture or processing or packing of such semi-finished or finished goods in accordance with sub-rule (1) or sub-rule (2) of Rule (22), as may be applicable.
(4) For the purpose of computing amount of reverse input tax credit in respect of any manufactured or processed goods, it shall be deemed that goods used or consumed in manufacture, processing or packing of such manufactured or processed goods have been disposed of or dispossessed in the manner in which the manufactured or processed goods have been disposed of or dispossessed and in the like manner, for the purpose of computing amount of reverse input tax credit in respect of any semi-finished or finished goods held by the dealer in stock, it shall be deemed that goods used or consumed in manufacture, processing or packing of such semi-finished or finished goods, as the case may be, are held by the dealer in stock in the same form and condition in which those were purchased.
(5) Amount of reverse input tax credit in respect of any semi-finished goods or finished goods shall be the aggregate of amounts of reverse input tax credit in respect of goods used or consumed in manufacture, processing or packing of such semi-finished or finished goods, as the case may be. Q
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GST i.e.Goods and Service Tax is a unified tax that replaces several indirect taxesleviedby the Central Government and the State Government(s)....
Read moreIn pre-GST regime, goodswere liable to: (i) Excise Duty- on manufacture of goods; (ii) VAT/CST- on sale of goods; (iii) Entry tax- on ...
Read moreGST is levied on every taxable person. Taxable person means a person who carries on any business at any place in India. Such . ..
Read moreGST is a unified tax which is levied on: (i) goods; (ii) services and (iii) a mix of goods and/or services. Any supply of goods or services . .. ...
Read moreGST India Solution is an effort of firm of professionals who welcome implementation of GST. This is an interactiveplatformthat aspires to disseminate right knowledge to professionals, practitioners and public at large. This platform has beenfloatedbya firm of Chartered Accountants relentlessly working in field of direct and indirect taxes since early 1985.
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Our core competence is statutory compliance, advisory, corporate tax planning and appellate matters of direct and indirect taxesandcorporate training sessions on GST.
The senior partner of the firm has to his credit several professional publications viz., Delhi Sales Tax Right to Use Goods Act, Delhi VAT, Maharashtra VAT, West Bengal VAT, Haryana VAT published by Taxmann. Madhya Pradesh VAT and Chhattisgarh VAT were published by Suvidha Law House, Bhopal. He has also addressed seminars on indirect taxes organized by professional bodies like ICAI, IMA, NIFM etc. and has also contributed articles on subjects of pro. . . . .