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Unlocking GST: A Deep Dive into ITC Restrictions – Explore Why You Can’t Claim Input Tax Credit in These Scenarios

By eFiling India TeamPosted on May 18, 2024Posted in GSTTagged business transactions, compliance, Composition Scheme, GST limitations, GST regulations, India, Input Tax Credit (ITC), personal expenses, tax benefits, works contractsNo Comments

Certainly! Here’s a detailed guide on cases where Input Tax Credit (ITC) under the Goods and Services Tax (GST) in India cannot be availed, focusing on various categories like motor vehicles, food and beverages, insurance services, membership fees, and more, along with examples for better understanding: 1. Motor Vehicles and Conveyances Input Tax Credit cannot […]

Is it Right to Have Bill to Party Different from Sold to Party?

By eFiling India TeamPosted on May 13, 2024Posted in GSTTagged accuracy, Advantages, best practices, Bill to Party, billing flexibility, business transactions, communication, compliance, customer relationships, differentiating, financial management, invoicing processes, Sold to PartyNo Comments

In the realm of business transactions, the relationship between the Bill to Party and the Sold to Party plays a significant role in determining the flow of invoicing, payment responsibilities, and overall customer experience. Let’s explore this topic in detail, focusing on the advantages, considerations, and best practices associated with having these parties differ. Understanding […]