How to take input tax credit of service taken for long duration
I need help in understanding on how to take input in following 2 scenarios:
Case 1: I’ve take 3 months service from a company. During this 3 months, they will review my business on weekly basis and help me grow. I paid for this service in Mid March and received invoice. I started availing their services which will continue till June 2018. Can I take entire input tax credit along with GSTR 3B of March ?
Case 2: I’ve taken web hosting service for hosting a website for a duration of 3 years. I paid entire amount in March and received invoice. Hosting will continue till March 2021. Can I take entire input tax credit along with GSTR 3B of March or there will be some way?
Your Queries are related to Input Tax Credit.
In both cases you are eligible to take input tax credit when the service is used or intended to be used for furtherance of business and having a invoice containing input tax.
If you are satisfying the above conditions you are eligible to take input tax credit in the month of march.
Please feel free to ask For further queries