Input Tax Credit Revision of CA/CS/CMA Final GST || Chapter 5 | Dec. 21/May 22 | CA. Yashvant Mangal

Input Tax Credit Revision of CA/CS/CMA Final GST || Chapter 5 ||Dec. 21/May 22 | CA. Yashvant Mangal
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About Lecture:
CA/CS/CMA Final Subject : Indirect Tax Laws (GST + Customs Laws)
Chapter Details :
Chapter 5 - “Input Tax Credit”
Duration : 01:05:15
Topic : Revision of Ch. 5 of CA/CS/CMA Final IDT(GST + Customs)
Applicable for : Dec. 21 / May 22
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By CA Yashvant Mangal
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[@skothari]

2:29 Section 16(1) Eligibility 3:01 Section 16(2) Conditions 3:45 Documents prescribed (Rule 36) 5:10 Rule 36(4) 9:05 First proviso to section 16(2) 9:33 Second proviso to section 16(2) read with rule 37 10:35 Section 16(3) 10:54 Section 16(4) Time limit 11:45 Rule 86A 13:51 Rule 86B 16:50 Section 17(5) Blocked Credit 24:11 Circular OEM 25:21 Circular Sales promotion scheme- 25:37 Free samples and gifts 26:02 Bye one get one free 26:20 Discount incl bye more save more offer 26:49 Secondary discount 27:10 Section 17 Apportionment of credit 28:08 Rule 42 Apportionment of credit of input and input services 31:09 Common points for Rule 42 and 43 33:09 Rule 43 Apportionment of credit of capital goods 40:01 Section 18 Credit in special circumstances 42:43 Composition scheme - no composition 43:46 Assessee not registered- registered

[@sakshigupta306]

1:10 16:50 - blocked credit 17(5) 27:10 - sec 17 35:07 - extra point of rule43 40:01 -sec 18 52:22 - How to utilize ITC 54:10 - Job worker 59:24 - ISD

[@hardikagarwal6819]

Thanks

[@mypet9686]

Thank you dear

[@vaibhav_nitesh]

Thanks Sakshi can you please tell me from where can I get the notes of Yash sir?

[@sakshigupta306]

@@vaibhav_nitesh you can go for Sir's fastrack batch or u can also but his books from his website. Believe me he is the best in IDT I got exemption in 4 subjects in both groups nd IDT is one from them

[@vaibhav_nitesh]

@@sakshigupta306 Hey is the summary notes enough or does he also have detailed notes ? PS: congratulations on your big success.

[@Dineshsingh-qu1tx]

Sir.. unfortunately m aapse class nhi le paya tha.. but now I m recommending everyone to take idt class from you only 🙏 mahool sir 😍🙏

[@ayushjain..]

There can be no other substitute of "Yashvant mangal" sir Best😍

[@growwithvijayy]

Dil khush kar diyaa sir..ITC sirf revision video se hi ho gaya💯

[@YashvantMangal]

All the best dear Mahooll....

[@sonalparab2668]

Ekdum dhana dhan idt revision lec.. Notification coming

[@YashvantMangal]

😁

[@kunalpandey3244]

You are amazing Sir, I saw how much effort you are putting in. May God bring upon fantastic health upon you as we need more people like you now more than ever. Please Take Care.

[@juhichugh7815]

Thank u so much sir n respect aur b baad gai apke liye itni khasi hone k baad b apne humare liye lecture record kiye.. thanks allot 🙏

[@jashvyas948]

Sir thanks a lot for these lectures. We can see how much efforts you are putting for us. Please take care of your health too

[@vaibhav_nitesh]

Hey I need his notes please tell me from where can I get it?

[@sm-zn6uq]

Sir these lectures r blessing...really...cant thank enough..u make idt very easy..nd its possible to complete whole course 1 day before exam....its really helpful...thank u so much sir... Mahol.....

[@rahulzz23]

27:30 R42 , 33:10 R43 38:25 R38

[@nehabohra26]

Mahooool sir mahooool 👏 thanku so much sir ❤️ teacher like you is blessings for us☺️🙌

[@YashvantMangal]

🥳Maholll

[@n.s.874]

I am so lucky that i could take classes from you and now i can easily revise my entire IDT through your amazing revision videos !! Sir thank you so much!!

[@cahimanshupatle6320]

Phle vale lecture dekh kr ca bna hu ye btane yha aaya hu 😀 Thank you sir 😊

[@ca_anjali24]

Congrats 👍😊

[@YashvantMangal]

Mahoool...

[@cahimanshupatle6320]

@@YashvantMangal 😊 sir apne IDT k paper k bd ek video upload kiya tha paper end hone p uspe bhi maine comment kiya tha ki apka plan follow kiya tha exam day vala and sir my score in IDT is 65 ☺️

[@YashvantMangal]

Superb bro… Lots of Congratulations 🎉🎊 Ur Hardwork proved u…👏🏼👏🏼💐💐

[@juhichugh7815]

@@cahimanshupatle6320 kaunsa wala plan follow kiya tha apne?

[@cacsruchitrasingh]

27:03 apportionment of credits section 17 38:27 section 17(4) optional method for banks 🏦

[@mayankjain7311]

Sir In this video you are constantly coughing, iske baad bhi aapne pure lecture record kia, hats off to you sir. You are a sigma ( meme language )... I promise you sir that I will score atleast 70 marks in Paper 8. Thanks a lot sir

[@YashvantMangal]

Mahooll...😇

[@AnushaAb]

So true. Hope you are doing fine now sir. Please get well soon sir😊

[@Natalia-cm8ez]

I was looking for this comment 👏👌

[@Noone-hh5cq]

So how much did u score?

[@mehulkakkad1175]

Kal exam hai Aaj ekdam mahool ban raha hai Josh ke sath hosh bhi high hai Bharat mata ki jay ♥️ Thank you so much Sir 😊

[@anjalisudhakaran8720]

thank you sir and god bless you for selfless effort ... i watching these videos ith my summary notes and very helpful for revision.. stay safe and stay healthy sir....

[@YashvantMangal]

Thank you...Mahooll...😇

[@mayankgaur8593]

Common points for turnover for the purpose common credit 32:00

[@zarnavanrajsinhchavda6983]

Sir, you cannot really even imagine how useful these lectures are! The best ever revision videos, covering every single thing, have never seen such a revision lecture! Thank you so much! Mahol 😁

[@YashvantMangal]

Most welcome Sarkaar Mahooll...

[@shrey_stalwart]

This is the best lecture Sir, far far better understoodable then your previous lectures..

[@venkatasiva8453]

Well Explained. It has become habit to watch these lectures when ever need to read GST.

[@YashvantMangal]

Thank you for watching and learning♥️ maaholl😊🙏

[@poetriesforalltrees5065]

21:46 *Work contract supplies for * *Construction of immovable property* No credit will be available Except - 1. Such recipient of construction services is also engaged in ----- providing the construction services.. ( vhi service provide krne k liye ek trh se input service li h) 2. Office yaa factory k liye PM install krwaaya h (no matter, whether of capital nature or whatever) 3. Buliding /land ka reconstruction /add/renn/alter/repair .. + that is treated of revenue nature i.e, charged to pl (only tbi itc allow)

[@ehtheshamulhaqmullashaik5038]

Don't know why, I feel it's a mere translation. But yeah instead of reading all the stuff we can just recall through audio

[@theshivaramans8693]

Mahool sir! Passed group 2 in may 22 and cannot thank you for the revision lectures enough and for making things easier in IDT. Grateful🙏

[@snehajain3589]

Thank u sir really was waiting for ur revision lecture

[@YashvantMangal]

Most welcome😇

[@aditijain8819]

Thank you so much sir 🤘

[@hetalpalan8244]

Maaahol sir...👏🏻 Thank You for your efforts sir Sir poora portion kal tak kar doge upload? To I will start IDT revision Because of your lecs we can complete quickly

[@YashvantMangal]

We will upload all lectures as soon as possible.

[@meghnasapra8269]

Sir maine hamesha ITC chapter tukdo mei pada toh kabhi puri tarah se clear hua nhi but aapke revision lecture ne pura samjha diya, thanku sir

[@YashvantMangal]

Mahool...😇

[@VruttiThakkar]

Thankyou sir aapko Khasi hai firbhi u r uploading such amazing lecs. Love ur teaching ❤

[@karanmehta9031]

Sir watching this lectures for 3rd time...very helpful during exams 😍.. thankyou so much sir🙌

[@YashvantMangal]

Most welcome

[@mayuriagarwal2693]

Sir in rule 43 when capital goods used for taxable supply and then used for exempt supply... Then we 60 wala formula or 5% wala formula.. for calculating output liab.? Because in sec 18 we use 60 wala formula for itc reversal... Please clear... U have said in your video 5% wala formula for rule 43 for itc reversal case of taxable to exempt.

[@aashimahajan665]

In rule 43 where Machinery (assuming purchased on 1 may19) is purchased and used for exempt supply but now we are using it for common ( taxable+ exempt ) purpose from 1 nov 19 then we have to reverse ITC for 3 quarters( 5% for 3 Q) now when in each month we calculate common credit to be added to output tax by counting no of months we counted remaining life from nov 19 i.e. 54 months ( 60-6)but actually we already reversed full credit of 9 month previously by calculating it Quarter wise that mean in last 3 months i.e. 58,59 and 60 th month we are actually reversing ITC used for exempt supply (common use) that we had already reversed in thr begining. isnt it double reversal of same ITC?

[@CAswatisingh]

There revision lectures are very interesting ..even I can listen to you sir when I m not in mood to study or get bored sometimes.

[@srajattater7022]

Revision Lectures are very usefull🤩🤩🤩 Maahhhoolllll!!!! sirrrr🥳🥳😍🤩🤩

[@nitishah6149]

Start 1:22 Blocked credits 16:50

[@abhishekpurandare2082]

Sir, in case of Sec 18, where goods were earlier exempt and later on became taxable - We reduced 5% per qtr or part thereof and came to an amount which we availed credit for. This is now the ITC availed (and which may be utilised for future taxable supplies). Q1 - In case of common usage of goods (Rule 42 for Inputs and 43 for Capital Goods), what will be the stance taken. Especially for Capital goods, will we consider the life to be 60 months from the date of conversion? or will it be counted from the date of invoice (Bare rule 43 has an explanation for useful life being 60 months). Can you please confirm this for the purpose of useful life for Rule 43. Q2. In continuation of the above situation, the goods which were made taxable by the govt are again exempted. Talking about the capital goods, categorically, the example which you have taken - has divided the value by 60 and multiplied by the no of complete remaining months. Was this to be construed as a separate example? If no, this is inconsistent with the explanation in rule 43. Please help.

[@ganeshravinath4528]

60 months is always considered from original purchase date of capital goods.

[@rakshitajain1857]

Best revision lecture thank u so much sir

[@swatisomani423]

Rule 86A , 86B 11:47

[@abhishekpurandare2082]

For the 180 Days Rule (starts 9:32) - If the recipient has made part payment to the supplier within 180 days, what will be status? Will he have to reverse 100% of the ITC Taken, or will proportionate reversal suffice? (Sir has said "proportionately", but the law does not clearly state that). Any other place in law which clarifies the same???

[@architchitlange831]

It will reverse only for unpaid amount.

[@rajandeepsingh9146]

Hello Sir When goods are received in lots supplier will have to pay tax when first lot is delivered however recipient can claim itc only when last lot is received. Hence, when recipient will claim itc after recieving last lot his gstr 2b will not show itc for that month since supplier has paid tax in earlier months so, how will recipient claim itc on that?

[@acashyam01]

Maahoooool sir Thank u very much

[@cavikrammishra7546]

Maaahooolllll. bana diya sir..... 2-3 baar dekh liye h yeh Videos

[@YashvantMangal]

Mahooll Sarkaar..

[@hemantpanchal5937]

Thank you very very much sir...! 🙏🙏 Maaahol....!!

[@YashvantMangal]

Mahoool...

[@vrss26842]

Thank you sir

[@anjushreebiswas8229]

Sir what about Credit available in 2B? We can take only 105% of credit available so how can we take credit of capital goods if it exceeds the limit?

[@ishantsoni3595]

Thankyou sir for this superb revision videos✌️

[@studybuddy7915]

35:19 Ym sir talking about Quarter

[@hemanthreddy1680]

Can take the class in english to increase the communicative value and a wider reach, sir.

[@navneetlakhani5443]

Thank you so much for such super fast revision sir.. Love you too

[@manikakumari2457]

really these lectures are helping a lot day before xams

[@tanviagrawal2193]

Thank you so much sir for your great efforts!

[@veerhanuman4394]

Even after looking the revision videos many students don’t like 😥 very bad

[@Nik5777_]

Sirji माहोल bana diya aapane ❤️❤️

[@susmitaguchait8099]

Thankyou so much Sir ❤️

[@bhumikapanjwani9855]

Sir will you upload amended revision lectures for ca inter dec21? Or we have to watch revision lectures which are already uploaded for may 21?

[@casimran8733]

Thank you so much sir for this videos❤️

[@sahiljain4650]

Sir revision lecture are very much effective thankyou sir

[@goverdhansinghpanwar3357]

Awesome Sir Ji..

[@casurbhijain262]

Thank a lot guruji🙏🔥👌

[@YashvantMangal]

Most welcome🙏

[@capriyaljain8955]

The best

[@manikakumari2457]

Best lecture ever😇😇

[@cmaravitejabellamkonda9846]

Thank you so much sir for helping us by your revision lectures

[@YashvantMangal]

Most welcome

[@dineshkumar-gb3uu]

Superb revsion sir. Salute hai sir ji aapko👍🙏

[@Amit-yr6kj]

Sir ITC Galti se le liya tha due to wrong invoice given by supplier (lekin usne shi invoice de diya tha gst mein shi invoice upload kiya gya tha) 3B mein kha reversal krna hota hai

[@studyhacx1779]

Golden words towards the end 🙏💖

[@romiljain6199]

5% provision for itc is removed from jan 22 hence nov 22 attempt ke liye bada major amendment hai ye.

[@ca.keshavgupta4687]

2X pr Mahool chalraha hai Sir Costing rok deta hai gst mai 55 56 now planning for 70+

[@YashvantMangal]

Maaholl...😇

[@blissfulneha3513]

Sir this is ca neha jain sister of ca shalendra jain your Rvg room mate in mumbai Anyway I m big fan of your way of teaching....lots in shorts formula🙂with full of enthusiasm .i was first online batch student of yours too, my bro recommended Sir I want your summary book for time to time updations of gst How can I get it

[@anilsharma-bk6lb]

Thank you so much... Mahool ban gaya h.....

[@YashvantMangal]

Mahooll...

[@easymaths2887]

Amazing lecture, suchme mahol bana diya 🤩🤩

[@YashvantMangal]

Mahooll...

[@carohitmourya2861]

Sir ITC in reference of travelling expense via cab , airplane vessel will be available? What is exact meaning hiring in reference of clause a and aa?

[@rahultrivedi9875]

35:14 ITC capital goods

[@ThugLife-qc5iw]

Speed slow kijiye yaar sir... Kitna fast bolte hoo

[@TheNextSmallThing]

Thankyou sir, for all the efforts

[@shrikrishna5388]

Sir exam me sub section likhna jaruri h ? Like place of supply me if we write section 10/12 , will that work ?

[@harshkedia2608]

Sir agar vehicle capacity up to 25cc hoye toh bhi covered under the blocked credit?…

[@ashishnihalani858]

Good evening sir, Query Rule 36(4) In 5% provisional credit out of eligble credit are we supposed to include the amount of tax paid under reverse charge in the elegible credit amount or we have to simply take 5% of credit excluding credit of tax paid under reverse charge? Also hats off to your dedication level.

[@dishamajethia635]

Tax paid under RCM will not be included

[@sanchigarg7154]

calculation for reversal quarter or part thereof basis per karni hai ya monthly basis per? pls reply i am confused

[@priyanshijain5344]

Sir circulars at 24.55 are printed on which page of summary book?

[@chirag1135]

10 KA CREDIT MIL HI GAYA... MAHOOOOL SIRJI !!! EXCELLENT VIDEO SIRJI THANK YOU !!!

[@kapilkarnavat1018]

Total turnover consider karte he tab advance recive from goods or service total turnover me add kare ge sir?

[@Ca.Kapilprajapati]

Special points for turnover @32:35

[@nehajindal7687]

Sir, If a good is stolen by an employee and subsequently we have recovered the amount of goods from the employee, Will it still attract 17(5) or we can take credit of the goods ?

[@deepruparel9155]

Wierd scenario firstly employee won't be able to steal something jispe you have paid very high GST 😂 but for stock or some petty thing section states that ITC of goods lost due to theft so I guess since the goods are not lost we can reclaim the ITC

[@dipakpatil487]

Which book use in revision video

[@siddeshshankar7668]

Sir humare sath sath khudke health ke baare mai bhi socha karo. Lectures ke beech beechme paani pi lia karo.

[@mansibanthia6364]

Gazab sir gazabbbb 🔥🔥🔥

[@adarshupadhyay6247]

BHARAT MATA KI JAI

[@vaibhav_nitesh]

Apportionment of ITC par question aata hai kya ?

[@ca.atishjoshi]

Thank you so much Sir :)

[@anupparashar6094]

Mahool ek dum ❤️

[@CaSoniaagarwal]

Mahool sir..thank you ..

[@ashi333y]

Great video sir thank you very much

[@YashvantMangal]

Most welcome

[@tanishka.akhand]

33:10 - Rule 43

[@samshadpathan6680]

Thank you very very much sir🙏

[@YashvantMangal]

Most welcome Maholl....

[@khushiinani6456]

27:10 Sec17 and Rule 42 33:13 Rule 43 35:05 6 cases of rule 43

[@anujnainvlogs343]

Khogye hum idt ke revision lectures me

[@YashvantMangal]

Jabardast Mahooll...

[@vipulvijayvargiya6506]

Mahol sir Really this lec vry helpful Tood revision

[@deepikakanoongo2310]

Sir alcohol liquor in sab me tax ka ky h kounsa tax lagta h

[@beena1990]

Thank u soooooo much, sir