input tax credit

Last Date of Making Changes under GST: Whether a serious affair?

Goods and Services Tax - Concerns regarding last date by which everything wrongly done under GST can be undone and every thing which is not done can be done, are looming large midst the professionals facing heat at the crest of their tax audit assignments. This is a comparative view of different provisions of the GST law dealing with the subject so that a conside...

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Availability of ITC in respect of repairs etc. of Motor Vehicles-Post 29/08/2018

Goods and Services Tax - Though ITC in respect of Motor Vehicle has been blocked by the GST Act since inception, there was no specific restriction for claim of ITC in respect of services of repairs/insurance etc. for a motor vehicle. CGST Amendment Act 2018 has changed this scenario by introducing a specific clause providing for restriction on ITC for repairs et...

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Whether ITC for FY 2017-18 can be availed only till October 20, 2018

Goods and Services Tax - Considering the first year of implementation of GST, major challenge is being faced by the Industry Inc in availing GST input tax credit (ITC) for the financial year 2017-18 after implementation of GST (i.e. July 2017 to March 2018) and lot of divergent views are floating with respect to the last date till which such […]...

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Input Tax Credit Not Claimed In Relevant Period?

Goods and Services Tax - A common query many people have in their minds which seems to get more and more complicated as different businesses with different situations think over it. This confusion is none other than the very usual mistake of missing out on taking Input Tax Credit. The problem apparently seems to get worse when this missed ITC is of the previous f...

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Refund of accumulated credit on account of Zero rated supply without payment of tax

Goods and Services Tax - 1. GST Refund of unutilized or accumulated ITC Refund of unutilized or accumulated ITC is allowed only in following two cases: a. Zero rated supplies made without payment of tax Zero rated supply of goods or services or both under bond or Letter of Undertaking. Input procure in respect of such supply is not utilizing […]...

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Last date to avail Input Tax Credit pertaining to July 2017 to March 2018

Goods and Services Tax - Last date to avail Input Tax Credit in respect of invoices or Debit Notes relating to such invoices pertaining to period from July, 2017 to March, 2018. There appears to be misgiving about the last date for taking Input Tax Credit (ITC) in relation to invoices or debit notes relating to such invoices pertaining to period […]...

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Permit availment of GST input tax credit of FY 2017-18 till 31.12.2018: ICAI

Goods and Services Tax - ICAI Requesed Government for permitting availment of input tax credit under GST pertaining to Financial Year 2017-18 till 31st December, 2018...

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Quick Review on 28th GST Council meeting updates

Goods and Services Tax - Quick note on 28th GST Council meeting, which has reviewed around 46 proposed amendments in GST Act 2017 and recommended the following amendments ;...

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Draft GST Input Tax Credit (ITC) Rules as Released on 31.03.2017

Goods 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...

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CAG report on irregular Availment/Utilisation of Cenvat Credit

Goods 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 […]...

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Full ITC eligible on Road Construction Services which is liable to tax: AAR

In re Nagaur Mukandgarh Highways Pvt. Ltd. (GST AAR Rajasthan) - In re Nagaur Mukandgarh Highways Pvt. Ltd. (GST AAR Rajasthan) 1. The applicant is rendering taxable services during the construction, of roads which is liable to tax; hence they are entitled to claim full ITC under.the provisions of section 16(1) of the CGST Act. 2017. 2. The Applicant is entitled ...

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Input Tax Credit on brokerage services against Renting of immovable property

In re Adwitya Spaces Private Limited (AAR Tamil Nadu) - In re Adwitya Spaces Private Limited (GST AAR Tamil Nadu) Whether eligible to take Input Tax Credit of the CGST & SGST charged by Catalyst Consulting Chennai in respect of brokerage services and adjust the same against output tax payable against Renting of immovable property? In the subject case...

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Last date to avail Input Tax Credit pertaining to July 2017 to March 2018

Last date to avail Input Tax Credit in respect of invoices or Debit Notes relating to such invoices pertaining to period from July, 2017 to March, 2018. There appears to be misgiving about the last date for taking Input Tax Credit (ITC) in relation to invoices or debit notes relating to such invoic...

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HC rejects bail application in fraudulent availment of ITC case

Ranjeet @ Ranjeet Singh Vs Union of India (Allahabad High Court) - Ranjeet @ Ranjeet Singh Vs Union of India (Allahabad High Court) Supplementary counter affidavit filed by the learned counsel for the complainant today in the Court is taken on record. Heard Sri Satya Dheer Singh Jadaun, learned counsel for the applicant and Sri B.K.Singh Raghuvanshi, learned couns...

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Transitional GST Input Credit cannot be denied on Procedural Grounds

Tara Exports Vs The Union of India, (Madras High Court) - In view of the GST regime and the IT platform being new, it may not be justifiable to expect the users to back up digital evidences. Even under the old taxation laws, it is a settled legal position that substantive input credits cannot be denied or altered on account of procedural grounds....

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Facility to upload Ledger Confirmation directly on mahagst.gov.in

Trade Circular No: 24 T of 2018 - (21/09/2018) - The Input Tax Credit (ITC) claimed by the dealers is cross verified from matching of electronic Sales (Annex J 1) and Purchases (Annex J 2) annexures filed with the Audit Reports in Form 704 and the electronic returns is considered for allowance of ITC. ...

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Union Territory Goods and Services Tax (Amendment) Act, 2018

No. 33 OF 2018 - (30/08/2018) - Govt notifies Union Territory Goods and Services Tax (Amendment) Act, 2018 on 30th August, 2018 by which it amended section 7  and 9 of Union Territory Goods and Services Tax Act, 2017 and inserted new sections 9A and 9B. MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 30th Augu...

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Central Goods and Services Tax (Amendment) Act, 2018

No. 31 OF 2018 - (30/08/2018) - Govt notifies Central Goods and Services Tax (Amendment) Act, 2018 to notify amendments in Central Goods and Services Tax Act, 2017. ...

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Much needed clarification on Removal of restriction of refund of accumulated ITC on fabrics

Circular No.56/30/2018-GST - (24/08/2018) - In the 28th GST Council meeting, it was decided to remove the restriction of not allowing refund of ITC accumulated on account of inverted duty structure on fabrics with prospective effect on the input supplies received after the date of issue of notification....

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Refund of unutilized input tax credit of GST to exporters of fabrics

Circular No. 18/18/2017-GST - (16/11/2017) - Doubts have been raised regarding the restrictions of refund of unutilized input tax credit of GST paid on inputs to manufacturer exporters of fabrics [falling under chapters 50 to 55 and 60 and headings 5608, 5801, 5806] under GST....

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Recent Posts in "input tax credit"

Full ITC eligible on Road Construction Services which is liable to tax: AAR

In re Nagaur Mukandgarh Highways Pvt. Ltd. (GST AAR Rajasthan)

In re Nagaur Mukandgarh Highways Pvt. Ltd. (GST AAR Rajasthan) 1. The applicant is rendering taxable services during the construction, of roads which is liable to tax; hence they are entitled to claim full ITC under.the provisions of section 16(1) of the CGST Act. 2017. 2. The Applicant is entitled to claim ITC on supplies […]...

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Input Tax Credit on brokerage services against Renting of immovable property

In re Adwitya Spaces Private Limited (AAR Tamil Nadu)

In re Adwitya Spaces Private Limited (GST AAR Tamil Nadu) Whether eligible to take Input Tax Credit of the CGST & SGST charged by Catalyst Consulting Chennai in respect of brokerage services and adjust the same against output tax payable against Renting of immovable property? In the subject case, the applicant has received an inward [...

Read More

Last Date of Making Changes under GST: Whether a serious affair?

Concerns regarding last date by which everything wrongly done under GST can be undone and every thing which is not done can be done, are looming large midst the professionals facing heat at the crest of their tax audit assignments. This is a comparative view of different provisions of the GST law dealing with the subject so that a conside...

Read More

Last date to avail Input Tax Credit pertaining to July 2017 to March 2018

Last date to avail Input Tax Credit in respect of invoices or Debit Notes relating to such invoices pertaining to period from July, 2017 to March, 2018. There appears to be misgiving about the last date for taking Input Tax Credit (ITC) in relation to invoices or debit notes relating to such invoices pertaining to period […]...

Read More

Availability of ITC in respect of repairs etc. of Motor Vehicles-Post 29/08/2018

Though ITC in respect of Motor Vehicle has been blocked by the GST Act since inception, there was no specific restriction for claim of ITC in respect of services of repairs/insurance etc. for a motor vehicle. CGST Amendment Act 2018 has changed this scenario by introducing a specific clause providing for restriction on ITC for repairs et...

Read More

Whether ITC for FY 2017-18 can be availed only till October 20, 2018

Considering the first year of implementation of GST, major challenge is being faced by the Industry Inc in availing GST input tax credit (ITC) for the financial year 2017-18 after implementation of GST (i.e. July 2017 to March 2018) and lot of divergent views are floating with respect to the last date till which such […]...

Read More

Permit availment of GST input tax credit of FY 2017-18 till 31.12.2018: ICAI

ICAI/IDTC/2018-19/Rep/10 (11/10/2018)

ICAI Requesed Government for permitting availment of input tax credit under GST pertaining to Financial Year 2017-18 till 31st December, 2018...

Read More

Input Tax Credit Not Claimed In Relevant Period?

A common query many people have in their minds which seems to get more and more complicated as different businesses with different situations think over it. This confusion is none other than the very usual mistake of missing out on taking Input Tax Credit. The problem apparently seems to get worse when this missed ITC is of the previous f...

Read More

Refund of accumulated credit on account of Zero rated supply without payment of tax

1. GST Refund of unutilized or accumulated ITC Refund of unutilized or accumulated ITC is allowed only in following two cases: a. Zero rated supplies made without payment of tax Zero rated supply of goods or services or both under bond or Letter of Undertaking. Input procure in respect of such supply is not utilizing […]...

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How to Calculate Eligible and Reverse Ineligible Input Tax Credit as per Rule 42

As per Section 17 (1) of CGST Act, a registered person can take input tax credit on inputs or input services or both only when they are used for his business purpose only.  If they are used partly for business purpose and partly for other purposes, then the input tax credit is available only to […]...

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