The Court held that bona fide purchasers are entitled to Input Tax Credit even if the seller fails to deposit tax, protecting compliant traders from undue liability.
To safeguard government revenue and curb fraudulent practices, the law also empowers authorities to block ITC in certain cases. Rule 86A of CGST Rules, 2017 is one such provision.
Rule 88B (1) of the GGST Rules, 2017 aims to rationalize interest liability and avoid undue burden on taxpayers who deposit cash on time but delay filing the return. Here’s a detailed look at what Rule 88B(1) states and its practical implications.
Understand the concept of provisional attachment of property by the GST department as per Section 83 of the CGST Act, 2017. Explore the amendments made by the Finance Act 2021, widening its scope and implications. Learn about the procedural aspects and guidelines, ensuring a balance between protecting government revenue and safeguarding the interests of the taxable person. Stay informed on the stringent conditions for a valid exercise of this power, as highlighted by legal precedents.
Budget 2023 introduces changes to audit rules for charitable trusts and institutions under Income Tax Act, with new forms 10B and 10BB effective from April 1, 2023. Audit requirements now hinge on gross receipts, foreign contributions, and overseas income applications.
Clarifying Warranty Provisions Deduction in IT Act, 1961 Navigate the complexities of claiming deductions for warranty provisions with legal insights.
Article briefly discusses the GST applicability on rent in case where residential property is let out for business purposes and as well as for residential purposes.
Understanding the detention, seizure, and confiscation of goods and conveyances in transit under the Goods and Services Tax Act. Learn about the provisions and penalties involved.
