PwC India

GST - Using input tax credit

This course is part of PwC GST Taxation Executive Professional Certificate

Taught in English

Some content may not be translated

Tax Academy

Instructor: Tax Academy

Included with Coursera Plus

Course

Gain insight into a topic and learn the fundamentals

Beginner level

Recommended experience

9 hours (approximately)
Flexible schedule
Learn at your own pace

What you'll learn

  • Define and explain the key concepts for the availment and utilisation of input tax credit.

  • Critically analyse whether tax paid on purchases can be availed as input tax credit.

  • Examine whether or when input tax credit availed needs to be reversed and the reasons thereof.

  • Distribute the tax appropriately through an ISD and undertake the necessary compliances.

Details to know

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Assessments

5 quizzes

Course

Gain insight into a topic and learn the fundamentals

Beginner level

Recommended experience

9 hours (approximately)
Flexible schedule
Learn at your own pace

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This course is part of the PwC GST Taxation Executive Professional Certificate
When you enroll in this course, you'll also be enrolled in this Professional Certificate.
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There are 3 modules in this course

The GST paid on procurements is available as input tax credit and can be used to offset the output GST liability. In this module, you will learn what is input tax credit as well as the conditions and restrictions for availing input tax credit. You will also learn the process of availing input tax credit and the requirement to reverse input tax credit under various scenarios.

What's included

10 videos21 readings1 quiz1 discussion prompt

One of the key challenges of the erstwhile tax regime was that the levy of taxes had a cascading effect. In the GST regime, this was sought to be remedied by allowing input tax credit, commonly known as ITC, on procurements. In the module on ITC, you would have learnt that ITC can only be availed if the supplier has furnished the details of the invoice in their statement of outward supplies and has paid the tax to the Government. This requires the recipient to reconcile the details of their procurements with the details furnished by the supplier on the GST portal. This reconciliation is called ‘vendor reconciliation’. In this module, we shall discuss the legal requirement and the detailed process for such reconciliation. We shall also highlight the key aspects and practical challenges faced during such reconciliation.

What's included

9 videos10 readings2 quizzes

An input service distributor or ISD is a facility made available to businesses to distribute the tax paid on input services from a centralised location. By using this mechanism, a manufacturer could transfer the credit of service tax on services availed at the head office to its factories where the manufacturer had output excise liability. In this module, you will learn what an ISD is, the manner of distribution of tax, the compliance requirements and the process of reconciliation prior to tax distribution.

What's included

9 videos13 readings2 quizzes3 discussion prompts

Instructor

Tax Academy
PwC India
14 Courses10,033 learners

Offered by

PwC India

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