Taxmann’s GST Input Tax Credit
 

Taxmann’s GST Input Tax Credit – 2025 Edition is a focused and authoritative guide exclusively dedicated to understanding, interpreting, and applying the provisions related to Input Tax Credit (ITC) under India’s Goods and Services Tax (GST) regime. Designed for professionals, taxpayers, consultants, and students, this book explains the entire framework of ITC with clarity, accuracy, and practical insights, making it an indispensable reference for ensuring GST compliance and tax efficiency.

This edition covers all legal provisions, judicial pronouncements, circulars, and amendments relevant to Input Tax Credit up to 2025, helping readers navigate one of the most critical and litigated areas in GST. It provides a detailed, section-wise analysis of the law backed by real-world examples, flowcharts, FAQs, and procedural checklists.

Key Features:

• Complete Coverage of ITC Provisions: In-depth analysis of Sections 16 to 21 of the CGST Act, and related rules including Rule 36, Rule 37, Rule 42, Rule 43, and Rule 86B.

• Amendments Up to 2025 Included: Incorporates all changes brought in by the Finance Act, 2024 and recent GST Council notifications impacting eligibility, restrictions, and documentation for ITC.

• Conditions for Availment: Explains all necessary conditions for availing ITC such as possession of tax invoice, receipt of goods/services, tax payment by supplier, and filing of GSTR-1/3B.

• Blocked Credits & Reversals: Detailed discussion on ineligible ITC under Section 17(5), including motor vehicles, works contract services, food and beverages, and more, with practical implications.

• Apportionment & Input Services Distribution: Guidance on credit apportionment for mixed-use goods/services, and ISD (Input Service Distributor) mechanism for multi-location businesses.

• Reversal Scenarios & Time Limits: Covers reversal requirements on non-payment to suppliers, capital goods, exempt supplies, and credit note adjustments with timelines and compliance tips.

• Practical Tools & Checklists: Includes illustrative formats, reconciliation statements, ITC registers, and a ready reckoner for monthly compliance.

• Judicial Interpretations & Case Law: Features recent landmark rulings from the Supreme Court, High Courts, and GSTAT impacting ITC eligibility and denial.

• ITC Matching & GSTR-2B Reconciliation: Discusses the importance of GSTR-2A/2B matching, auto-drafted statements, and steps to ensure accurate credit claim and avoidance of notices.

Why This Book is Essential:

• Focused Approach: The only dedicated publication dealing exclusively with GST Input Tax Credit, making it ideal for deep learning and reference.

• Practical Orientation: Designed to help professionals apply ITC provisions correctly in day-to-day business operations, audits, and assessments.

• Compliance-Friendly Resource: Helps taxpayers avoid costly errors, litigation, and notices by ensuring adherence to latest credit rules and procedures.

• Useful for Diverse User Segments: Trusted by chartered accountants, tax lawyers, GST consultants, CFOs, and GST compliance officers in corporates and MSMEs.

• Academic and Exam Utility: Equally useful for students of CA, CS, CMA, and law preparing for exams or working on assignments involving GST credit mechanisms.

Taxmann’s GST Input Tax Credit – 2025 Edition stands out as a comprehensive, updated, and practical guide for mastering ITC under GST. Whether you’re a tax practitioner, compliance manager, business owner, or student, this book will empower you with the tools and understanding necessary to maximize legitimate credits while staying fully compliant with the law.