Topic: “INPUT TAX CREDIT UNDER GST”
Date: 19th February,2022.
Speaker: CA Sonal Jain, an alumnus of the Institute and a practicing Chartered Accountant.
Highlights: CA Sonal Jain said that Commerce students must have a better understanding and knowledge about the current pattern of GST. She explained how important it is to choose a GST compliant supplier to get GST Credit. She emphatically said, ‘Choose your vendor carefully’. She further explained IGST, SGST and CGST in a very lucid and comprehensive manner. In addition, she showed the comparison of SEC 16 (Before and after amendment) with the help of hypothecated examples to make the entire concept easy for students to grasp.
She highlighted four main concepts of Input Tax Credit which includes:
- Basics of Input Tax Credit – Starting with the fundamental definition and what all is covered in the Input Tax Credit
- Conditions of Availing Input Tax Credit – if one is availing ITC, the provisions applicable to Input Tax Credit should be taken into consideration
- Understanding Block Credits – It includes the list of those who are not eligible to claim Input Tax Credit and how it is helpful in making certain business decisions. By giving rational examples, the speaker made it easy for the younger generation of students to understand its practical implication.
- Proposed change in the concept of Input Tax Credit in the recent budget 2022 whereby she discussed the variations the recent budget had on GST and changes that are impacting ITC.