{"id":86304,"date":"2019-10-11T17:03:36","date_gmt":"2019-10-11T11:33:36","guid":{"rendered":"http:\/\/factly.forumias.com\/?p=10835"},"modified":"2019-10-11T17:03:36","modified_gmt":"2019-10-11T11:33:36","slug":"input-tax-credit","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/input-tax-credit\/","title":{"rendered":"Input tax Credit"},"content":{"rendered":"\n<p><strong>News:<\/strong>Government has decided to restrict input tax credit under the goods and services tax to 20% of the eligible amount for an entity if its supplier has not uploaded relevant invoices detailing the payments made.<br><\/p>\n\n\n\n<p><strong>Facts:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>There was no such restriction until now as input tax credit was claimed by taxpayers on the basis of self-assessment.&nbsp;<\/li><li>This decision is aimed at curbing the menace of fake invoices and boost cash flow.<\/li><li>However, the apprehension is that it will increase the workload for assessees and a higher burden on companies until the full input tax credit can be claimed.&nbsp;<\/li><\/ul>\n\n\n\n<p><strong>Additional information:<\/strong><br><\/p>\n\n\n\n<p><strong>About Input tax credit:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>An input may refer to any goods that are used by the businesses in order to create the finished products provided to the end users.&nbsp;<\/li><li>The input tax credit mechanism allows GST registered businesses to receive refunds on GST paid for the purchase of such inputs to prevent the cascading taxation effect.<\/li><li>Cascading effect is when there is a tax on tax levied on a product at every step of the sale.The tax is levied on a value which includes tax paid by the previous buyer which makes the end consumer pay tax on already paid tax.<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>News:Government has decided to restrict input tax credit under the goods and services tax to 20% of the eligible amount for an entity if its supplier has not uploaded relevant invoices detailing the payments made. Facts: There was no such restriction until now as input tax credit was claimed by taxpayers on the basis of&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/input-tax-credit\/\">Continue reading <span class=\"screen-reader-text\">Input tax Credit<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3127],"tags":[3384],"class_list":["post-86304","post","type-post","status-publish","format-standard","hentry","category-economy","tag-input-tax-credit","entry"],"jetpack_featured_media_url":"","views":{"total":1,"cached_at":"","cached_date":1704219762},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/86304","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=86304"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/86304\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=86304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=86304"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=86304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}