IDT Revision CA/CMA Final May 24 & Nov 24 | Input Tax Credit (ITC) | CA Surender Mittal AIR 5

AIR1CA Career Institute (CA Atul Agarwal & CA Ajay Agarwal)
Topics Covered:
Input Tax Credit (ITC)
Job Work
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[@vivekdiwakar2539]

Bro your revisions are still better than many of the paid IDT lectures

[@_BeValuable]

True❤

[@nikhilbyahut36]

Literally broo... took FT batch of the most renowned faculty, regretting till date. Should have gone for him, free of cost + Time saving 🙃

[@ektag2776]

@@nikhilbyahut36 same situation, wasted my money there :(

[@komalsoni3658]

True

[@saikumarkadarla]

From where can i get all of his handwritten notes?

[@himanshugoel3012]

00:03 Explanation of input tax credit for businesses. 01:53 Input Tax Credit (ITC) allows you to reduce tax liability 05:34 Understanding Input Tax Credit (ITC) 07:28 Valid tax payment requires proper documentation 11:16 Understanding Input Tax Credit (ITC) and goods received in installments 13:05 Conditions for input tax credit 16:54 Input Tax Credit (ITC) conditions and time limits 18:49 Understanding the timeframe for availing Input Tax Credit (ITC) 22:37 Rules of reversing input tax credit 24:20 Depreciation on certain components can affect Input Tax Credit (ITC) eligibility. 27:50 Input Tax Credit for specific items in motor vehicles 29:30 Input Tax Credit (ITC) for Vessels and Aircraft 33:06 Input Tax Credit (ITC) availability in specific scenarios 35:04 Understanding Input Tax Credit (ITC) and its applicability in various scenarios 38:27 Input Tax Credit (ITC) eligibility for contract services and goods 40:15 Input Tax Credit (ITC) on plant and machinery 43:52 Gift and free samples impact on Input Tax Credit 45:36 Input Tax Credit (ITC) allows you to claim credit for taxes paid on inputs. 49:58 Understanding Input Tax Credit (ITC) 51:49 Input Tax Credit (ITC) is available for taxable and zero rated supplies. 55:28 Input Tax Credit (ITC) is available for taxable and zero-rated supplies. 57:16 Understanding Input Tax Credit (ITC) calculation based on turnover and types of supplies 1:00:50 Understanding the value of supply in relation to GST and excise duty. 1:02:39 Understanding the implications of various purchases and taxes. 1:05:57 Understanding the concept of sale of land and building and its implications. 1:07:37 Understanding Input Tax Credit (ITC) and its application 1:10:55 Rule 43 explains input tax credit for capital goods. 1:12:52 Input Tax Credit (ITC) allows businesses to claim credit on taxes paid on inputs. 1:16:30 Claiming input tax credit for taxable products 1:18:08 Understanding input tax credit rules and its impact on taxable products 1:21:46 Understanding Input Tax Credit (ITC) 1:23:27 Input Tax Credit reversal and conditions 1:27:09 Understanding the reversal of input tax credit 1:28:58 Understanding Input Tax Credit (ITC) reversal and its impact 1:32:27 Input Tax Credit (ITC) while transitioning from composition scheme to regular scheme. 1:34:18 Input Tax Credit (ITC) allows credit on stock and purchased goods. 1:37:49 Input Tax Credit (ITC) Rules Overview 1:39:37 Input Tax Credit (ITC) conditions 1:43:09 Understanding Input Tax Credit (ITC) and its application in different scenarios. 1:44:39 Reversal of input tax credit may be required for certain transactions. 1:48:28 Transferring input tax credit between businesses 1:50:04 Understanding input tax credit and asset transfer in different states 1:53:46 Input Tax Credit (ITC) for services near the corporate office 1:55:24 Separate registration is required for distribution of input tax credit 1:58:48 Distribution of Input Tax Credit (ITC) in Rajasthan 2:00:33 Understanding the distribution of Input Tax Credit (ITC) 2:04:11 Liability and credit management for IGST and CST 2:06:22 Understanding the utilization of Input Tax Credit (ITC) 2:09:38 Liability of CST and Utilization of ITC restrictions 2:11:31 Paying tax liability using ITC and cash 2:14:56 Understanding the restrictions and implications of Input Tax Credit (ITC) 2:16:34 Understanding Input Tax Credit (ITC) 2:20:10 Goods sent to workers require delivery challan and e-way bill documentation 2:21:45 Input Tax Credit (ITC) is crucial for businesses.

[@charithasree68]

Thank you for all time stamps

[@ankityogi6459]

2:02:24 to 2:10:30 Utilisation of ITC

[@krishandixit5385]

Sir notes of these Class ❤❤

[@yanaagarwal9850]

2:16:41 job work

[@RoomDiaries]

Thank you Bro.

[@RavindraPatil-n1o]

25:00 Blocked credit 25:30 Motor Vehicle 29:30 Vessel / Aircraft 31:00 Insurance of Motor Vehicle/ aircraft 33:20 Food and other services, membership of club, travel benefit 37:30 Works contract 41:40 non resident taxable person 42:50 lost/destroy goods/Free Sample other 45:50 Relevant definition & Fundamental of ITC 52:50 Apportionment of ITC 1:11:20 Rule 43 Apportionment of Credit on Capital goods 1:31:00 Special Cases for availing ITC 1:40:30 Special cases for reversal

[@vigneshsundaram3006]

Thanks

[@officeready6359]

Thank you!

[@jaideepjain2]

thanks for timeline

[@edututorials8470]

25:00 Blocked credit 25:30 Motor Vehicle 29:30 Vessel / Aircraft 31:00 Insurance of Motor Vehicle/ aircraft 33:20 Food and other services, membership of club, travel benefit 37:30 Works contract 41:40 non resident taxable person 42:50 lost/destroy goods/Free Sample other 45:50 Relevant definition & Fundamental of ITC 52:50 Apportionment of ITC 1:11:20 Rule 43 Apportionment of Credit on Capital goods 1:31:00 Special Cases for availing ITC 1:40:30 Special cases for reversal 1:52:23 ISD 2:02:25 Utilization of ITC 2:10:36 86B 2:16:30 Job Work

[@sumitagarwal8292]

Sir I cleared my CA, final exam and through revision video class I got 58 marks in DT thank u for ur wonderful revision class

[@Ajaysingh-dy9nt]

It was like spoon feeding.....each and every concept got cleared...far better than AKG

[@GMsalvii]

AKG akshansh garg?

[@thinkchartered1702]

Bro please reply AKG is not good?

[@mayanksharma4834]

​@@GMsalviiyup

[@trishna_12]

Best ITC Revision lecture on KZbin! Even better than actual classes. Thankyou Sir! ✨

[@yogeshparmar9577]

14:28 3b n 2b concept 32:43 insurance 53:00 rule 42 1:22:08 capital goods 1:37:48 registration 1:51:33 apportionment of ITC 1:52:25 place of business 2:04:53 utilisation of ITC

[@Abhayoh-ms9ew]

Direct, efficient, to the point. Amazing work sir. like someone mentioned, surender sir's IDT revisions are better than some full on detailed lectures of other faculties, I am not to name them *cough* *cough* PUNE *cough*. Others spend atleast 30 mins out of 60 mins to ask us to like their "revision" videos or praise themselves about how "great" their charts are, while sir completes his revisions in half the time, albeit, with better quality!

[@saisashidhar6042]

Thank you Atul Bhai, Ajay Bhai & Surender Bhai for giving your invaluable time in these revision lectures . The Quality of These videos are top notch and my only regret is that these videos are available for free, you people are doing god's work! you people should have actually got paid for these. I am hoping a lot of students buy your classes in the future. THANK YOU JAI SRI RAM

[@SKVK634]

Itna to kuch teachers original lectures me bhi nahi batate.. Jitna yaha revision video me mil gaya.. Thanks Sir❤

[@nishuagrawall]

I have taken idt classes from another faculty and was having so much doubts regarding some points in this chapter... referred so many revision lectures but at last got clarity from this only!! Thank you so much sir 🙏🏻.

[@siddhim636]

Trust me when i say this, I've taken classes/material from two of the renowed IDT faculties, tried both of them but none of that compares to the conceptual clarity in a concise manner as Surender Sir's YT revision holds. If any one is contemplating whether to go for this lec, you must. (Take print of his concept books for the best experience)

[@vinitasethuram9589]

These revision lectures have been a blessing Sir! They are actually so much better than the paid IDT lectures available in the market. Thank You Sir! Radhe Radhe :)

[@CaAkash1]

आज तक इतने शानदार तरीके से किसी ने भी ITC नहीं पढ़ाया था। बोलो वृंदावन बिहारी लाल की है

[@nehajoshi2754]

जय

[@dikshachawla3019]

i usually dnt comment BUT the level of concept clarity in this lecture is trutly worth it. Thankyou sir ..really thankyou. 🙏

[@yashjain3930]

Appreciation comment to u sir ....meko zara bhi interest nai aaraha tha yeh itc me but jaisa aapka vedio dekha apportionment itc ka ..my god ....easy super easy laga ❤️❤️❤️❤️👍🏻👍🏻

[@soumyamehta2133]

U ll be no 1 idt faculty in coming years..thank you so much u save lots of time by this revison videos ...as i m a mother of 4 year old baby and can study upto 6 hrs daily...for me these videos are gold❤

[@RushaliJaisinghani]

All the three of you, You guys are blessing , all the regular classes we have paid for, of almost all the subjects are a big fail , at the end we are able to crack this exam with your revision lectures, did'nt get even half of the clarity which i got merely with these revision lectures, thankyou so much for this priceless gift and effort , Respect For Atul Sir Ajay Sir and Surrender Sir at its peak 😇🙏🙌

[@ps-gh3hu]

ITC-02 form ko mast simplify kiya, I had discussed with a few CA's in M&A practice, but itna simplify koi nahi kar paya tha. Surender Sir is a legend sach mai. thank you very much sir for simplifying the subject.

[@manishkukreja5505]

Indeed the bestest Lecture...Thanks a ton

[@rishanthvankadari199]

Sir thank you so so so much!!! Aapne bahut bada chapter ko bahut aasan kardiya hai.Mazaa aagaaya.Thanks from the bottom of my heart

[@GurmeetSingh-sw9ot]

Thank you sir, bhut vdhyia revision class including all last revision classes

[@akhilaseshadri8145]

thank you sir for this revision! i really like the fact that even in a revision video all the details are covered and topics are not rushed. Kudos to your effort. This really eased my understanding of ITC. Thanks again, Hoping to clear my exams this time :)

[@anupamparmar6175]

राधे राधे sir, simply great teaching style, Thanks and regards

[@shashwatkejriwal8100]

I was actually scared of ITC chapter since my intermediate and used to always run away from this, after this lecture I feel quite confident, thanks a lot to the entire team of faculties

[@reshmanair332]

Your videos are really good and you cover everything in detail which is extremely helpful even if we are doing the topic for the first time but would really appreciate if you can say the numbers in english as some of us may not be well versed with numbers in Hindi. It's difficult to grasp. Thanks!

[@SelfCare-m7e]

1:32:08 Special Cases 1:52:30 ISD 2:16:12 Job work

[@swatikesharwani7605]

sir bank ke special provision u/s 17(4) hi pucha tha may 2024 , hence proved faltu provision hi puchta hai ICAI😂

[@himanshusomani8579]

Always expect the unexpected from ICAI

[@rajatbhowmick9634]

Think IDT THINK Surender sir❤❤❤ ITC itna easy hain pata nahi tha

[@poojabandekar2693]

You have covered minor points which are important for solving questions Thanks You So Much

[@AniKdoo200]

After taking main classes and watching revision videos... Its very sure one can easily score 80+

[@amarrai8038]

Yar rule 42 aapne aise explain kr diya jaise bache ka khel ho,,, maja aa gha❤

[@faizansayyed5362]

Sir at 1.02.00 For November 23 is - earlier used for common purpose and now used for only exempt/taxable part applicable

[@alanvarghesebaby]

Whether ITC on general insurance, servicing, repair and maintenance taken on an ineligible motor vehicle by a manufacturer who has manufactured "such" motor vehicle and uses it for transportation of employees blocked under section 17(5)(ab)? Relevant extract of section 17(5)(ab): (ab) services of general insurance, servicing, repair and maintenance in so far as they relate to motor vehicles, vessels or aircraft referred to in clause (a) or clause (aa): Provided that the input tax credit in respect of such services shall be available- (i).......... (ii) where received by a taxable person engaged- (I) in the manufacture of "such" motor vehicles, vessels or aircraft; or (II) ......... There is ambiguity regarding what constitutes "personal consumption" to have it covered under 17(5)(g). In the example given in the institute's study material, ITC on purchase of a bus used for transportation of passengers is allowed and hence could be reasonably interpreted that such ITC does not get covered under 17(5)(g) merely on the ground that the service is extended to employees. However, 17(5)(g) would make sense when inputs are used for personal purposes by a proprietor carrying on a business. It can also be read as ‘personal consumption’ by anyone who consumes such goods or services for or on behalf of such registered person which satisfies the "personal need of any person" and "not the official purpose of the company", the same would fall within the ambit of this blocked credit. A few examples in this regard from practical FAQs released by ICAI, 1) A company gives LED TV for family viewing of the employee. In this case, the TV is used in the personal space of the employee and thus, is part of personal consumption. However, if the same TV is being given to attend virtual calls, the TV is not for personal enjoyment (consumption) but for meeting the ends of his official duty. 2) Face masks and hand sanitiser made available to the employees at the workplace. It can very well be treated as used or intended to be used in the course or furtherance of his business. However, under the provisions of section 17(5)(g), ITC on such goods will get blocked as these goods or services are used for personal consumption. Similarly, the ITC on supply of motor of automatic sanitiser machine may get rejected because the same is being used for the personal consumption of employees and hence ITC may be blocked as per section 17(5)(g). 3) Provision of electricity to the staff quarters of employees, even if it is governed by any specific terms of employment, ITC cannot be claimed in respect of solar panels installed in the factory for providing electricity to the Staff quarters, due to the specific restriction on items of personal consumption contained in section 17(5)(g). 4) If the uniforms purchased for employees are such which are necessary to ensure the safety of the employees while carrying out the business activity, the same would not be construed as being used for personal consumption as provided under section 17(5)(g) and thus, ITC thereon would be available. Many a time, various laws require the employer to provide the necessary safety measures to employees which may include safety gear, special uniforms etc. ITC on such kinds of uniforms may not be blocked. However, in other cases i.e., where uniforms are not provided for any safety purpose, the same may be construed as being used for personal consumption and thus, ITC thereon will not be available. 5) For the purpose of taxation, the term beverage does not include water. Hence, the disallowance of ITC is not covered under section 17(5)(b)(i). However, it may be noted that section 17(5)(g) blocks ITC on goods and/or services used for personal consumption. Thus, ITC on water purchased for being consumed in the office of a Chartered Accountant will be blocked and cannot be claimed. 6) ITC be availed on medical expenses incurred on labour and staff (medicines etc.) which is mandated under the Factories Act, 1948 would also get blocked under section 17(5)(g).

[@Singh_rahul.27]

Radhe radhe ❤ sir ji. Bahut hi aache se itc chapter aapne samjhaya hai.

[@maheshswami2921]

Sir aapka revision dekhne ke baad ese lg rha h ab Questions aasani se ho jaenge So thanks for better understanding

[@madhumitha_Raja1234]

Sir pls say amount and number of months or quarters in English..... So that it can be more understandable for south india ..... We can some what understand the language.... But most of us don't know that much hindi ....

[@Onestaller_finance]

I am in CA Inter watching your block credit is better than paid lectures

[@riyankshah919]

Sir, GSTR 1 has to be filed by 11th of next month and GSTR 2B gets auto-populated by 14th of the next month.

[@Darshi5]

Best 👍💯.. Thank u Radhe radhe❤

[@alanvarghesebaby]

Where the change in use of a capital good takes place mid-month, whether reversal provisions get attracted only in the subsequent month? Eg. a change in use takes place on 15th April, from effecting exempt supply to common use. Whether crediting the eligible ITC to ECrL and reversal of the quarterly credit for the period of use making exempt supply along with the reversal of common credit (i.e., three adjustments) to be made only in May month's GSTR 3B?

[@michaelpaul.c9746]

Radhe Radhe ❤❤❤😍

[@sejalgupta1064]

Radhe radhe ...best explanation in easy language with full concept

[@pratiksha5558]

Thankyou so much sir for an amazing comprehensive lecture 😊

[@ashokbhandar457]

Sir If any person use Car for transportation of passenger only once in a year,ITC can be availed.ITC can be utilised for other business purposes..

[@ashilarif]

1:52:27 Input Service Distributer

[@AmitRaj-fx8go]

Many Many Thanks Sir and radhe radhe

[@camanikchawla]

Thank u so much sir, really only and only one of the best revision lectures on utube !!

[@maheshwarijainat2992]

I think this is not amended lec of May 24 ITC sir please put wholly ammendment lectures

[@gunjangoyal05110]

Really helpful sir Invested my 2.5 hours🎉🎉🎉🎉❤❤❤

[@masterprocrastinator384]

1:20:11 special treatment cases example

[@BEINVENUE18]

1:18:00 Common Credit

[@CA_Chirag_Mehndiratta]

Radhe Radhe ji

[@abhishekjha4710]

1:26:00 special treatment case exempt common taxable switching of capital goods

[@sudhakarbisappagari]

Better than Regular class of other faculty

[@tanujsharma3977]

Special case me simple logic hai ke composition tha usse normal me aaye ho cg ka input mil jayega but registration nahi tha phle ab hai to cg na input kaise milega logically us time par hamare paas gst no. to hoga nahi to jab tak gst no. Nahi denge itc hamare paas ayega kaise to cg ka input nahi milega but same in case of inputs and input services uska hum department ko convey kr denge to input mil jayega

[@purumehta5]

One of the best revision videos for this topic. Just as much is needed.

[@virajgambhir843]

😮time 55:00 min you deducted exempt services but then you are saying after deduction of exempt services C1 is for common supply how ?

[@RiyaSingh-si8kh]

Thank you Sir for such a comprehensive revision 🙏

[@nidhinarnolia7032]

sir your notes and revision lecture both are great thank you❤

[@mayankmadaan4226]

Great teacher with full efforts Thanks a lot❤

[@netra7910]

2:16:24 job work

[@aaokuchbaatkre2350]

vessel / motor cycle for goods can be input claimed in case it is for personal use.?

[@aircasurender515]

No

[@kundanjha549]

Sir classes lene ki to ab koi need hi nahi hai❤

[@jagdishprasadkumawat9834]

Sir next class bhi upload ker do plz..

[@abhisheknegi6160]

Thanks a lot sir for uploading this ❤❤

[@MuGoyal]

Thank you so much!! Radhe Radhe

[@rajivbhatt2713]

sir ....apna fasttrack batch launch kro may 2024 ke liye........jis main idt 45 days main sabh cover ho jayee.....

[@alanvarghesebaby]

If a capital good used for making both taxable and exempt supplies is used only for making exempt supplies in a month, will Rule 43 apply. If yes, whether mere inability to make a taxable supply in any month with such capital good be deemed as a change in use that attracts reversal as per Rule 43?

[@prashantkhodecha7622]

at 16:45 sir has said Supplier has to file 3B till 30th September. Shouldn't it be 30th November as per amendment? Please clear this doubt.

[@Yashraj88888]

Supplier has to file till 30th sept…. Recipient has to reverse itc till 30th nov

[@anujgulgulia4579]

As per section 16 3B shall be filled by supplier by 30th September. Till then Credit shall be allowed on provisional basis as per rule 41. If not filed till 30/9 then the same shall be reversed by the recipient till 30th November. This falls in line with the maximum time limit to avail ITC i.e 30/11 or Annual return whichever is earlier

[@RekhaYadav-ss5mn]

Sir as per notification no. 14/2022 the value of supply of Duty credit scrips comes under exempt supply, however ITC taken on same supply will be reversed as per rule 42. Kindly confirm

[@cafinalist5935]

VERY SIMPLE EXPLAINATION

[@gauravgupta2766]

Great revision lecture sir! A lovely one…

[@kunal1999G]

Surender bhai aapke notes bhot sahi hai.

[@vinayp3594]

Sir pls do idt classes in English

[@learnndfun2]

sir wrong utilisation of itc pe interest 24% h ya 18% hai?? CMA Module m 24% likha h. plz reply🙏

[@vrindagupta8259]

pls sir idt qustions itc mei q 57 in nov 23 book se solve karwadon ya phir usme se yeh doubt batado ki y cc attributable to exempt supply for both input services and capital goods is not being reduced from itc available instead of adding it to the output tax liablity ?

[@faneendrachhajed4813]

Thanks sir awesome lectures🙏🏼

[@Hardiknandha]

@58:00 Exempt Supply for 17(3)

[@deepanjalidhal1212]

One of the best faculty for idt😊

[@nehabendigeri6032]

Hey job work and demand and recovery chapters are not available?

[@shikhayadav5505]

Revision from him far better than paid faculties

[@tanyanegi7113]

Sir .. in case of cancellation of regsiteration as per section 29(5) read with rule 44 ........ITC eversal should be higher of a) itc on inputs/Capital goods or b) the output tax payable on such goods .....please confirm

[@amritkingwani7035]

Same doubt

[@sakshishah1711]

radhe radhe🙏

[@SiddhiGajra-wy9ue]

Is there any amendments in itc for may 24 or video me cover hue hai wo???

[@ashishkanojia8592]

Really appreciable sir. Maja agya.

[@Ajjubhaijaan420]

Rule 42 Example- 1:02:25

[@Cmakunal2023]

love you sir

[@shahmanav8848]

Itc ko makhan bana diya sir Radhe Radhe🙏

[@purvibhutra2732]

Thank you sir for such a good revision of ITC wherein all the concepts are explained in a very easy and detailed manner. 🙏

[@nalinavsharma3375]

Circulars not covered? I did not find this circular in your notes: Moulds & Dies owned by OEM sent on FOC to Component Manufacturer; ITC not to be reversed. Please Clarify whether this is covered or not?

[@AtulAgarwal]

Refer other chapters...unme h covered ye

[@nalinavsharma3375]

@@AtulAgarwal Thank you for clarifying.

[@aapka_Bunty]

in value of supply chapter

[@nalinavsharma3375]

@@aapka_Bunty In VOS they have not given about itc reversal. They have given about whether it should be included in VOS or not. Hope this helped you as well🙏

[@hemanshivaghasiya6804]

Is that ok if before exam day i refer this lecture and solve questions

[@shubhangibansal4544]

Are the idt notes available for nov 23 available under free resources applicable for may 24 also?

[@babitasude7330]

Thank you so much sir 😊

[@deepa7327]

Can ITC availed on transfer of Passenger Motor vehicle to distinct person for consideration?

[@goyalmangat331]

Sir Can I Claim ITC On Gifts Which I Give To My Emplooyes

[@CA_Amith_Lokesh]

1:24:05 Change in use

[@manujchandani1747]

Thankyou sir!

[@sonikajoshi8579]

Finally i could understand this