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Goods and Services Tax - Introduction:- Time has been arrived for filing of GST Returns but in some transactions we are not very much clear whether ITC has been availed for a particular transactions or not. Section-17(5) of CGST Act, 2017 will provide light in this matter. This article will provide detail lists of Input not eligible for Input Tax […]...
Read MoreGoods and Services Tax - Introduction: This article discusses in detail about adjustment order of Input tax credit under GST. Query: As per rule first IGST has to be adjusted in CGST and then SGST, but because of lack of knowledge, IGST has been adjusted 50-50 against tax liabilities as per below screen shot and submitted GSTR 3B, and deposited […]...
Read MoreGoods and Services Tax - One of the key areas, which GST has impacted, is Input Tax Credit or ITC. Input Tax Credit is not a new concept and it existed before GST also. However, ITC under VAT (Value Added Tax) was a different concept. It is basically a is a charge on the supplies of inputs i.e., raw materials. It is imposed by the government on the person who re...
Read MoreGoods and Services Tax - Are you worried about what will happen to the input tax credit [ITC) on your inputs (held as input/ semi-finisbed goods/ finished goods]/capital floods upon transition to GST?:- The law allows you to carry forward your input tax credit and ensures that no ITC is lost while migrating into the new regime. The following table provides the de...
Read MoreGoods and Services Tax - With the introduction of GST Regime, a taxpayer is required to carry forward the balance of CENVAT credit / Input Tax Credit (ITC) to GST regime and adjust it against GST liability. Also, vide section 140(3) of Transitional Provisions contained in Central Goods and Services Tax Act, 2017 (CGST Act)...
Read MoreGoods and Services Tax - Input Tax Credit 1. Documentary requirements and conditions for claiming input tax credit (1) The input tax credit shall be availed by a registered person, including the Input Service Distributor, on the basis of any of the following documents, namely:- (a) an invoice issued by the supplier of goods or services or both in accordance [&hel...
Read MoreGoods and Services Tax - Availment/Utilisation of Cenvat Credit A provider of taxable services can, in terms of rule 4 of the Cenvat Credit Rules, 2004 avail credit of excise duty paid on inputs and capital goods and service tax paid on any input service. The credit can be utilised towards payment of service tax subject to the fulfilment of […]...
Read MoreGoods and Services Tax - Filling Station dealers i.e. Retail outlets of oil companies are not required under the Punjab VAT Act 2005 to calculate output tax or input tax on the sale and purchase of petrol and diesel in view of explanation 8 which was added lately to section 2(zg) explaining the sale price of oil companies in relation to the petrol and diesel unde...
Read MoreGoods and Services Tax - Department of Revenue has agreed to most of the recommendations put forward by Empowered committee in FDP on GST relating to harmonious structure of rate, taxation base, exemptions, chargeability, definition of taxable event, taxable person, valuation, classification etc.However, there are certain areas where Department of Revenue has sug...
Read MoreGoods and Services Tax - The Centre has turned down the proposal of the empowered group of state finance ministers to keep alcohol out of goods and services tax. The government has in fact suggested that both alcohol and tobacco, which are demerit goods and considered harmful for health, should be kept under GST, with the states getting the power to levy excise ...
Read MoreM/s. JKM Graphics Solutions Private Limited Vs The Commercial Tax Officer (Madras High Court) - The respective Assessing Officers, either by themselves or on instructions from the Enforcement Wing officials have stated that there is mismatch of the details, disclosed in the returns compared with the details available with the Department....
Read MoreM/s Avdesh Tracks Private Limited Vs. The State of Punjab and another (Punjab & Haryana High Court) - The Hon'ble Punjab & Haryana High Court in a crucial decision has held that input tax credit cannot be disallowed merely for a technical defect in the VAT Invoice such as non mentioning of words “Input Tax Credit is available to a person against this copy” as per Rule 54 of the Punjab VAT Rules,...
Read MoreM/S. Tata Steel Ltd. Vs. Commissioner Of Central Excise & Service Tax, Jamshedur (Cestat Kolkata) - CENVAT Credit on Canteen Services and House Keeping/Cleaning Services availed in office building are admissible to Assessee when same was situated within licensed factory premises of Assessee....
Read MoreM/s Essar Oil Ltd Vs Commissioners of Central Excise (CESTAT Ahmedabad) - In the case of Commissioner of Central Excise, Ludhiana vs DRP Malleables Pvt. Ltd. (supra), the Tribunal held that Chartered Accountant Service is specifically covered under the scope of input service and the assessee is eligible for availing credit....
Read MoreAMRL Hitech City Ltd Vs Commissioner of Central Excise & ST (CESTAT Chennai) - The Appellant is registered as Multi Product Special Economic Zone (MPSEZ) as a developer of AMRL Hi-Tech City. The Appellant claimed the refund of credit paid on various input services under Rule 5 of CENVAT Credit Rules, 2004 (“CC Rules”) read with Notification No. 12/2013-ST dated July 01, 20...
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