Section 16 provides that no registered person shall be entitled to any input tax credit (‘ITC’) unless the stipulated conditions are specified. The said conditions relate to the possession of the valid document, furnishing of the details of the said document by the vendor, actual receipt of the goods or services or both, the actual payment of tax to the Government and filing of the return.
section 41 of the CGST Act, 2017 provided that the ITC claimed by a taxpayer in GSTR 3B shall be provisional, until it is matched and finalised as per provision of section 42 & 43 and corresponding rules. However, this mechanism could never be implemented as GSTR 2 return was never filed.
Maximum time limit for availing ITC in respect of invoice pertaining to Financial Year 2021-22 is earlier of 1. 30th November following the end of the relevant financial year i.e. 30th November, 2022; or 2. Due date of Annual Return (FORM GSTR-9) under Section 44 i.e. 31st December, 2022.
Understanding Section 74 of CGST Act, 2017: Learn about the provisions for tax determination and demand adjudication by Proper Officer.
Seizure and confiscation of goods and conveyances in transit (under section 129 and 130 of CGST Act, 2017) is a separate proceeding from the recovery of tax The Central Government has brought into effect the provisions of Finance Act, 2021 effective from 1st January, 2022. The Finance Act, 2021 has amended section 74 of the CGST Act, 2017 by amending […]
When companies are under liquidation, it means that they are not financially goods, and there will be a liability for GST also. In such cases, will the department have the first charge on the property?
Learn about the determination of tax and adjudication of demand by the Proper Officer under Section 73 of the CGST Ac, t2017. Understand the provisions and procedures for tax recovery in GST.
Small Company definition further revised by increasing thresholds for paid-up capital from ‘not exceeding Rs 2 crores’ to ‘not exceeding Rs 4 crores’ and turnover from ‘not exceeding Rs 20 crores’ to ‘not exceeding Rs 40 crores’
K. Paramasivam Vs Karur Vysya Bank Ltd. & Anr. (Supreme Court of India) The question raised in the said appeal is whether CIRP can be initiated against the Corporate Guarantor without proceeding against the principal borrower. The issues raised in this appeal are settled by this Court in Laxmi Pat Surana v. Union Bank of […]
Explore the applicability of Section 62(1) of the Companies Act, 2013, to Preference Shares. Understand the conditions, rights, and obligations associated with issuing preference shares under various circumstances. Stay informed for compliant transactions
