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    Assingment: Submitted by Bhavna Pathak

    Uploaded by

    Bhavna
    This document contains answers to questions about key GST concepts. It defines input tax credit as a tax paid on purchases that can be used to reduce tax liability on sales. Only registered persons can avail ITC if invoice rules are followed. It explains debit notes, credit notes, capital goods, and tax invoices. It defines job work as treatment or processing done by one person on another's goods. It notes refund claims must be filed within 2 years and credit notes can be issued for post-supply discounts or returned goods under GST law.

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    Assingment: Submitted by Bhavna Pathak

    Uploaded by

    Bhavna
    15 views3 pages
    This document contains answers to questions about key GST concepts. It defines input tax credit as a tax paid on purchases that can be used to reduce tax liability on sales. Only registered persons can avail ITC if invoice rules are followed. It explains debit notes, credit notes, capital goods, and tax invoices. It defines job work as treatment or processing done by one person on another's goods. It notes refund claims must be filed within 2 years and credit notes can be issued for post-supply discounts or returned goods under GST law.

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    assingment for bba

    Original Title

    ASSINGMENT gst 3

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    This document contains answers to questions about key GST concepts. It defines input tax credit as a tax paid on purchases that can be used to reduce tax liability on sales. Only registered persons can avail ITC if invoice rules are followed. It explains debit notes, credit notes, capital goods, and tax invoices. It defines job work as treatment or processing done by one person on another's goods. It notes refund claims must be filed within 2 years and credit notes can be issued for post-supply discounts or returned goods under GST law.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    15 views3 pages

    Assingment: Submitted by Bhavna Pathak

    Uploaded by

    Bhavna
    This document contains answers to questions about key GST concepts. It defines input tax credit as a tax paid on purchases that can be used to reduce tax liability on sales. Only registered persons can avail ITC if invoice rules are followed. It explains debit notes, credit notes, capital goods, and tax invoices. It defines job work as treatment or processing done by one person on another's goods. It notes refund claims must be filed within 2 years and credit notes can be issued for post-supply discounts or returned goods under GST law.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    ASSINGMENT

    GST
    SUBMITTED BY
    BHAVNA PATHAK
    SUBMITTED TO
    KEERTI MAM
    UNIT 3
    Q1). What is Input Tax Credit? Who can avail ITC?

    Input Tax Credit or ITC is the tax that a business pays


    on a purchase and that it can use to reduce its tax
    liability when it makes a sale Input Tax Credit can be
    availed by a registered person only if all the applicable
    particulars as prescribed in the Invoice Rules are
    mentioned in the Invoice.
    Q2). Explain the terms:
    (a) Debit Note

    (b) Credit Note

    (c) Capital Goods

    (d) Tax Invoice

    a).debit note: A debit note is a document used by a


    vendor to inform the buyer of current debt obligations,
    or a document created by a buyer when returning
    goods received on credit.
    b).credit note: A credit note is a letter sent by the
    supplier to the customer notifying the customer that
    he or she has been credited a certain amount due to
    an error in the original invoice or other reasons.
    c).capital goods: Capital Goods means goods, the
    value of which is capitalised in the books of account
    of the person claiming the input tax credit and which
    are used or intended to be used in the course or
    furtherance of business
    d).tax invoice: ax invoice is standard format invoice
    required under GST system. ... A GST-registered
    company must have a valid Tax invoice from the
    supplier in order to claim back the GST they have paid
    on the purchase for their business.
    Q3). . Explain the concept of Job work in GST
    As per GST Act, job work means any treatment or
    process undertaken by a person on goods belonging
    to another registered person. The person doing the
    job work is called job worker.

    Q4). Explain the provision regarding


    refund of tax under GST law.
    The GST law requires that every claim for refund is to
    be filed within 2 years from the relevant date. Further,
    Section 34 of the CGST Act, 2017 provides for
    issuance of credit notes for post supply discounts or
    if goods are returned back within a stipulated time.

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