Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 11-7-2016 – Input Tax [Section 2(1)(d)] Input Tax has been defined as under- 'Input tax' in relation to a taxable person, means the Integrated Goods and Services Tax, Central Goods and Services Tax or State Goods and Services Tax, as the case may be, charged on any supply of goods and/or services to him which are used, or are intended to be used, in the course or furtherance of his business and includes the tax payable under sub-section (3) of section 4. Presently, Cenvat Credit Rules, 2004 also deal with input and input services for the purpose of Cenvat credit of input taxes. Model GST law in section 2(57) defines 'input tax' on similar lines with the diffe
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#39;Input Tax Credit' means credit of input tax as defined in section 2 (1)(d). Model GST law also defines input tax credit u/s 2(1) (58) on similar lines. When one takes credit of input tax in the course of business, it shall be called input tax credit. Presently, it is referred to as Cenvat Credit which is governed by Cenvat Credit Rules, 2004 . Output Tax [Section 2(1)(g)] Output tax is defined as under- 'Output tax' in relation to a taxable person, means the IGST chargeable under the Act on taxable supply of goods and/or services by him or his agent and excludes tax payable by him on reverse charge basis. Model GST Law defines output tax u/s 2(1)(72) on similar lines except with the difference that there IGST gets replaced b
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