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Section 17(5) blocks ITC in respect of certain goods and services. One such service is works contract service as per section 17(5)(c).
Personal guarantee executed by director for term loan or cash credit facilities enjoyed by the Company shall not be chargeable to GST, if it is in the nature of a service provided by an employee to an employer in the course of or in relation to employment. Therefore, in this case there is no tax payable under Reverse Charge Mechanism by company.
Understand the obstacles in availing Input Tax Credit under GST Law. Dive into the relevant provisions and definitions to gain clarity.
Learn about the recent Instruction on sanction of GST refund and Post audit of refund orders issued by CBIC. Understand the detailed guidelines for refund claims and ensure uniformity in practices.
Understanding the impact of GST and SEZ on credits and refunds. Learn how SEZs enjoy fiscal benefits under the GST Act in India.
Important Changes with effect from 01-04-2021 in GST 1. E-Invoicing A. A notified class of registered persons must prepare invoice by uploading specified particulars of the invoice on the Invoice Registration Portal (IRP) and obtain an Invoice Reference Number (IRN) The invoice copy containing inter alia, the IRN with QR Code issued by the notified […]
