input tax credit

Input Tax Credit under GST- Conditions, Time limit, Depreciation

Goods and Services Tax - 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 […]...

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ITC: Mandatory reconciliation to GSTR-2A?

Goods and Services Tax - Notification No. 49/2019-Central Tax has been issued by CBIC last week carrying our various amendments in the CGST Rules. One of the important amendments in the Rules which was pronounced in the GST Council press release is to permit the credit to the recipient only if the corresponding supplies have been reported in the GSTR-1 by his sup...

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Understanding Notification no. 49/2019 and it’s impacts on Economy

Goods and Services Tax - As per recent notification no. 49/2019 central tax dated 09/10/2019 ITC to be availed by a registered person can-not be more than below:- 1. 100% of eligible ITC appearing in GSTR-2A and; 2. 20% of eligible ITC appearing in GSTR-2A in respect of invoices/debit notes not reflecting in GSTR-2A. 3. Total of 1 & 2 […]...

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Analysis of Notification Nos. 44 to 49-Central Tax dated 09.10.2019

Goods and Services Tax - CBIC has issued Notification Nos. 44 to 49-Central Tax, all dated 09.10.2019 prescribing inter alia, due dates for furnishing forms GSTR-3B and GSTR-1, making filing of Form GSTR-9 optional for financial year 2017-18 and 2018-19 for assessees having aggregate turnover upto Rs. 2 crore in a financial year and waiver of late fees for assess...

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Say Hi-Five to Input Tax Credit Reconciliation in GST

Goods and Services Tax - One of the notifications issued recently talks about the input tax credit to be availed by taxpayers on a provisional basis up to 20% of the eligible credit available in the GSTR – 2A. This is notified wide Notification No 49/2019 – Central Tax, dated 9th Oct 2019. What does it mean? It means that […]...

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CBIC issues 6 New GST Notifications on 09th October 2019

Goods and Services Tax - CBIC issues 6 New GST Notifications on 09th October 2019 to give effect to decisions of 37th GST Council Decisions and also to make amendments in Central Goods and Services Tax Rules 2017. Vide These Notifications CBIC Notifies Due Date Of GSTR 3B And GSTR 1, CBIC further notifies that GST Annual Return is voluntary […]...

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Fake GST Invoice: Two Persons arrested for fraudulently availing ITC

Goods and Services Tax - Two Persons arrested for involving in fake invoices racket & fraudulently availing Input Tax Credit The Directorate General of GST Intelligence (DGGI), Gurugram Zonal Unit (GZU), Haryana has arrested two persons namely Sh. Gulshan Dhingra resident of Ramesh Nagar, New Delhi and Sh. Sanjay Dhingra resident of Punjabi Bagh, New Delhi wh...

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DGGI-MZU arrest one for passing on fictitious Input Tax Credit

Goods and Services Tax - DGGI-MZU makes an arrest for passing on fictitious Input Tax Credit The Mumbai Zonal Unit of the Directorate General of GST Intelligence (DGGI-MZU) on Tuesday (17th September) made an arrest for one Shri Sandeep alias Karan Arora, Managing Director of M/s High Ground Enterprises Ltd.; on charges of having availed & utilized, as well a...

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CGST Delhi busted a racket of issuance of invoices without actual supply of goods

Goods and Services Tax - Racket of Issuance of Invoices Without Actual Supply of Goods Busted In Delhi CGST Delhi West and CGST Delhi North in a joint operation busted a racket of issuance of invoices without actual supply of goods. The taxpayer availed fraudulent Input Tax Credit for seeking IGST Refunds from Customs formations. Investigations revealed a novel m...

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DGGI (HQs) arrests two in cases of fraudulent IGST refund claims

Goods and Services Tax - Two Arrests have been made by the Directorate General of GST Intelligence (HQs) in cases of fraudulent IGST refund claims here, today. As per the statement of the DGGI (HQs), the action was taken on receipt of an input from Allahabad Bank, Paschim Vihar, New Delhi that suspicious transactions were noticed in the accounts of […]...

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HC allows petitioner to file TRAN-2, not filed due to technical glitches

M/S. Baril Marketing Pvt. Ltd. Vs Union of India and 5 Ors. (Gauhati High Court) - M/s. Baril Marketing Pvt. Ltd. Vs Union of India and 5 Ors. (Gauhati High Court) This Court is of the view that if there is a provision made for filing returns electronically and if because of certain technical glitches uploading could not be done in time, on that ground the concerned individual or ...

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Standalone service of arranging accommodation in a hotel- ITC & Classification

In re Golden Vacations Tours and Travels (GST AAR West Bangel) - In re Golden Vacations Tours and Travels (GST AAR West Bangel) What is the classification of the standalone service of arranging accommodation in a hotel and is input tax credit admissible? The Applicant is admittedly a tour operator. But the question on which the advance ruling is sought is whether...

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ITC on capital goods & input services used for supply of both taxable & exempted goods

In re Metro Dairy Ltd (GST AAR West Bengal) - In re Metro Dairy Ltd (GST AAR West Bengal) Admissibility of input tax credit on capital goods and input services used for supply of both taxable and exempted goods Based on the proviso to rule 43(1)(d) of the GST Rules and further prescriptions under rule 43(1)(e), (f) and (g) of the GST Rules, the...

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HC allows Petitioner to file GST TRAN-1 manually & claim ITC

Krish Automotors Private Limited Vs Union of India & Ors. (Delhi High Court) - The Court is satisfied in the present case that the Petitioner was unable to fill the TRAN-1 Form on account of bonafide difficulties and that, therefore, the Petitioner should be afforded one more opportunity to do so....

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Transitional credit can’t be denied for mere non filing of form Tran 1 / Tran 2: HC

M/S Siddharth Enterprises Vs NODAL Officer (Gujarat High Court) - M/s. Siddharth Enterprises Vs NODAL Officer (Gujarat High Court) Hon’ble High Court held that Transitional credit can’t be denied only because form Tran 1/ Tran 2 couldn’t not be filed. Requirement of filing of Trans 1 and Trans 2 returns is procedural in nature and not mandatory a...

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Restriction on ITC in case of diffrence’ GTR 3B is a Return: CBIC notifies

Notification No. 49/2019-Central Tax - (09/10/2019) - CBIC notifies Central Goods and Services Tax (Sixth Amendment) Rules, 2019 vide Notification No. 49/2019 – Central Tax dated 09-10-2019 and made some important changes as given below- 1. Rule 36(4) inserted in the CGST Rules, 2017- Input tax credit to be availed by a registered person in respe...

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Fraudulent GST Refund claim against fake documents -Reg.

F.No. DGEP/SEZ/49/2019/8156817 - (27/08/2019) - Commissioner GST (Investigation) while explaining the modus operandi of the fraudulent refund claim vide the above referred OM has suggested for issuance of a Circular/Instruction to address and curb the kind of fraud detailed in his letter...

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Guidelines for GST tax payers to report ITC related fields properly

Trade Circular No. 47T of 2019 - (26/08/2019) - Recently, one such case has been noticed, wherein the tax payer of Maharashtra State has not disclosed the ineligible ITC on account of IGST paid on inward interstate supply and import supplies in its periodic returns filed in form GSTR-3B. It resulted in short transfer of IGST funds to the State of...

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Guidelines for cross checking of Input Tax Credit under MVAT

Trade Circular No. 46T of 2019 - (23/08/2019) - For the periods starting on or after Ola April 2005 and ending on or before 31a March 2008, the return as well as the MVAT Audit report filing process was not electronic. ITC in such cases shall be allowed upon verification of record such as tax invoices and books of accounts produced by the claiman...

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Clarification in respect of goods taken out of India for exhibition or on consignment basis for export promotion

NA - (19/07/2019) - Several goods are taken out of India on consignment basis for exhibitions or other export promotion events. These goods are sold only when approved by the prospective customers abroad. The unsold goods are then brought back to India. This is a widespread practice in various sectors, including the ge...

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Recent Posts in "input tax credit"

Input Tax Credit under GST- Conditions, Time limit, Depreciation

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 […]...

Read More

ITC: Mandatory reconciliation to GSTR-2A?

Notification No. 49/2019-Central Tax has been issued by CBIC last week carrying our various amendments in the CGST Rules. One of the important amendments in the Rules which was pronounced in the GST Council press release is to permit the credit to the recipient only if the corresponding supplies have been reported in the GSTR-1 by his sup...

Read More

Understanding Notification no. 49/2019 and it’s impacts on Economy

As per recent notification no. 49/2019 central tax dated 09/10/2019 ITC to be availed by a registered person can-not be more than below:- 1. 100% of eligible ITC appearing in GSTR-2A and; 2. 20% of eligible ITC appearing in GSTR-2A in respect of invoices/debit notes not reflecting in GSTR-2A. 3. Total of 1 & 2 […]...

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Analysis of Notification Nos. 44 to 49-Central Tax dated 09.10.2019

CBIC has issued Notification Nos. 44 to 49-Central Tax, all dated 09.10.2019 prescribing inter alia, due dates for furnishing forms GSTR-3B and GSTR-1, making filing of Form GSTR-9 optional for financial year 2017-18 and 2018-19 for assessees having aggregate turnover upto Rs. 2 crore in a financial year and waiver of late fees for assess...

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Say Hi-Five to Input Tax Credit Reconciliation in GST

One of the notifications issued recently talks about the input tax credit to be availed by taxpayers on a provisional basis up to 20% of the eligible credit available in the GSTR – 2A. This is notified wide Notification No 49/2019 – Central Tax, dated 9th Oct 2019. What does it mean? It means that […]...

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Recent Changes in ITC under GST

CBIC notifies Central Goods and Services Tax (Sixth Amendment) Rules, 2019 vide Notification No. 49/2019 – Central Tax dated 09-10-2019 and made some important changes as given below- 1. ITC in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers in GSTR-1, shall not exceed 20% of […]...

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GST ITC 20-20 match begins, play safe

Krishna, Government has issued new notification on 09/10/2019, restricting ITC to maximum 20% excess of ITC as appearing in GSTR-2A. So, what is it?...

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Amendment restricting GST ITC and other changes in GST Laws

The Central Board of Indirect Taxes and Customs (CBIC) has issued notifications under GST Laws to implement the recommendation of the 37th GST Council held on 20th September, 2019. More important being amendment to CGST Rules, 2019 which seeks to amend conditions to avail ITC. The summary of notifications have been given below for easy [&...

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Restriction on Mismatch ITC In GST

Central Board of Indirect Taxes and Customs (CBIC) which is the apex body for the management of indirect taxation in India has brought certain changes in GST rules vide Notification No. 49/2019 – Central Tax dated 09th October 2019. Among others, it has amended the rule no.36 of CGST Rule, 2017 by inserting new sub […]...

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Summary of GST Notifications issued on 9th Oct 2019

Notification No. 44/2019 – Central Tax – dated 09/10/2019 As the rollout of new returns has been postponed, notification has been issued for the filing of GSTR – 3B for the months of Oct 2019 to March 2020. The date of filing of GSTR – 3B is 20th of the next month. Notification No. 45/2019 […]...

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