Article explains Conditions necessary for obtaining ITC under GST, Allowability of Depreciation on the GST tax component of capital goods and Time limit for taking ITC under GST. Input Tax Credit (ITC) is one of the core concepts of the Goods and Services Tax. “Input Tax” in relation to a taxable person under the GST […]
Offenses and Penalties Leviable Under the CGST/SGST Act The major offenses under the GST Law are those involving the non-payment or short-payment of taxes or improper availment or utilization of input tax credit or erroneous refund which are mostly covered under section 73 and 74 of the CGST Act. There are other offenses under the […]
