input tax credit

About Mystery of ITC on Capital Goods under Refund of Exports in GST

Goods and Services Tax - The objective of zero rating of exports and supplies to SEZ is sought to be achieved through the provision contained in Section 16(3) of the IGST Act, 2017, which mandates that a registered person making a zero rated supply is eligible to claim refund in accordance with the provisions of section 54 of the CGST Act, 2017, under either of t...

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Impact of New GST Regime (Without Input Tax Credit) on Real Estate Sector- (FAQs)

Goods and Services Tax - CA Rajesh Bhauwala 1. What is the definition of Affordable Housing : a) A Residential House/flat of carpet area of up to 90 Sqm(968.752 sq ft) in Non metropolitan Cities/towns having value up to 45 Lacs . b) A Residential House/flat of Carpet area of up to 60Sqm(645.835 sq ft.) in Metropolitan cities/towns having value […]...

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Analysis of Newly inserted section 49A of CGST Act 2017

Goods and Services Tax - CBIC Notifies applicability of CGST (Amendment) Act, 2018 with effect from 1st February 2019 vide Notification No. 02/2019 Central Tax Dated 29.01.2019. One of the important amendment was made in Section 49 CGST Act, 2017 by introducing new section 49A & 49B under The CGST Act 2017. After section 49 of the principal Act, the follow...

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The Panorama of ITC on Rent-a-cab

Goods and Services Tax - Input Tax Credit, a word which has perturbed many professionals and businesses since the inception of GST. New definitions under GST have unsettled the earlier decisions on CENVAT / MODVAT credit provisions and the GST advance rulings have further aggravated such issues. In this article we have made an attempt to cover all aspects related...

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New GST Portal functionality to Compare Liability Declared & ITC Claimed

Goods and Services Tax - New Functionality is available on GST Portal where one can Compare the Input Tax Credit taken in GSTR-3B and that available in GSTR-2A. This tool is a great help for making GST Reconciliation for Annual Return or making ITC Reconciliation for Finding out that how much ITC we have claimed in GSTR-3B and how much […]...

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Rajasthan HC admit writ challenging Rule 89(5) of CGST Rules, 2017

Goods and Services Tax - By way of this Writ Petition the petitioner has challenged the provision of Rule 89(5) of the CGST Rules, 2017 by way of which computation mechanism of the Input Tax Credit to be refunded in case of inverted duty structure has been modified to exclude Input Services from the definition of Net ITC with retrospective effect thereby denying ...

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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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ITC available for tax paid on insurance policies taken under statutory mandate

M/s. Tessy Engineers & Enterprises Vs Commissioner of GST & Central Excise (CESTAT Chennai) - Tessy Engineers & Enterprises Vs Commissioner of GST & Central Excise (CESTAT Chennai)  The issue is as to whether the appellants are eligible for the credit availed on insurance services. The definition of input service with effect from 01.04.2011 excludes life and health insurance service...

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Bogus ITC: HC rejects anticipatory bail for deliberate miscommunication

Meghraj Moolchand Burad Vs Directorate General of GST (Intelligence) (Bombay High Court) - Meghraj Moolchand Burad Vs Directorate General of GST (Intelligence) (Bombay High Court) The learned counsel appearing for the Investigating Agency has produced on record a letter dated 26.11.2018 addressed by Advocate on record of the applicant to the DGGI, Pune informing him that, the present matt...

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ITC on credit note from vendors post supply of goods by vendors: Controversial Ruling

In re M/s. MRF Limited (GST AAR Tamilnadu) - In re M/s. MRF Limited (GST AAR Tamilnadu) Whether the MRF Ltd can avail the ITC of the full GST charged on the supply of invoice or a proportionate reversal of the same is required in case of post purchase discount given by the supplier of the goods or services AAR held that Proviso to […]...

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Input tax credit on hiring of buses / Cars for transportation of employees

In re YKK India Private Limited (GST AAR Haryana) - In re YKK India Private Limited (GST AAR Haryana) 1. The applicant is not eligible to take input tax credit on:- a. GST charged by the Contractor for hiring of buses for transportation of employees. b. GST charged by the Contractor for hiring of cars for transportation of employees? 2. The restrict...

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Input tax credit on goods available only on receipt of goods

In re M/s Pasco Motor LLP (GST AAR Haryana) - In re M/s Pasco Motor LLP (GST AAR Haryana) In case of invoices being raised by supplier in previous month and goods being received in the succeeding month, input tax credit on goods so received shall be available to the applicant, only when applicant has received the goods. The liability to pay tax...

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When ITC has to be blocked/unblocked from Electronic credit ledger

Memo No. 3555/GST-2 - (30/10/2018) - The functionality of blocking and unblocking Input Tax Credit is an important tool for safeguarding the Government revenue particularly in cases of fraudulent activities by the taxpayers. So the jurisdictional officers are hereby directed to use this functionality for blocking/unblocking Input Tax C...

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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 / UTGST (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 Depart...

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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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Recent Posts in "input tax credit"

About Mystery of ITC on Capital Goods under Refund of Exports in GST

The objective of zero rating of exports and supplies to SEZ is sought to be achieved through the provision contained in Section 16(3) of the IGST Act, 2017, which mandates that a registered person making a zero rated supply is eligible to claim refund in accordance with the provisions of section 54 of the CGST Act, 2017, under either of t...

Read More

Excel utility for GSTR 2A reconciliation

Excel utility for GSTR-2A Reconciliation and Reconciliation’s importance in GST. Today reconciliation has become the most Important task to file accurate returns and later to compile GSTR 9 and GSTR 9C There are Five types of reconciliation expected of us for the most accurate filing of GSTR 9 and 9C 1. GSTR 3B with books […]...

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ITC available for tax paid on insurance policies taken under statutory mandate

M/s. Tessy Engineers & Enterprises Vs Commissioner of GST & Central Excise (CESTAT Chennai)

Tessy Engineers & Enterprises Vs Commissioner of GST & Central Excise (CESTAT Chennai)  The issue is as to whether the appellants are eligible for the credit availed on insurance services. The definition of input service with effect from 01.04.2011 excludes life and health insurance services availed for personal use or for person...

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Impact of New GST Regime (Without Input Tax Credit) on Real Estate Sector- (FAQs)

CA Rajesh Bhauwala 1. What is the definition of Affordable Housing : a) A Residential House/flat of carpet area of up to 90 Sqm(968.752 sq ft) in Non metropolitan Cities/towns having value up to 45 Lacs . b) A Residential House/flat of Carpet area of up to 60Sqm(645.835 sq ft.) in Metropolitan cities/towns having value […]...

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Excel Utility as per new GST ITC utilization rules applicable from 01.02.2019

Excel Utility for GST Input Tax Credit (ITC) utilization as per new Amendment applicable from 01.02.2019 The Order for utilization of ITC has been changed along with introduction of new Sections 49A & 49B under The CGST Act 2017. Utilization of input tax credit subject to certain conditions “49A. Notwithstanding anything contained...

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Analysis of Newly inserted section 49A of CGST Act 2017

CBIC Notifies applicability of CGST (Amendment) Act, 2018 with effect from 1st February 2019 vide Notification No. 02/2019 Central Tax Dated 29.01.2019. One of the important amendment was made in Section 49 CGST Act, 2017 by introducing new section 49A & 49B under The CGST Act 2017. After section 49 of the principal Act, the follow...

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Bogus ITC: HC rejects anticipatory bail for deliberate miscommunication

Meghraj Moolchand Burad Vs Directorate General of GST (Intelligence) (Bombay High Court)

Meghraj Moolchand Burad Vs Directorate General of GST (Intelligence) (Bombay High Court) The learned counsel appearing for the Investigating Agency has produced on record a letter dated 26.11.2018 addressed by Advocate on record of the applicant to the DGGI, Pune informing him that, the present matter was on board before this Court on 24....

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ITC on credit note from vendors post supply of goods by vendors: Controversial Ruling

In re M/s. MRF Limited (GST AAR Tamilnadu)

In re M/s. MRF Limited (GST AAR Tamilnadu) Whether the MRF Ltd can avail the ITC of the full GST charged on the supply of invoice or a proportionate reversal of the same is required in case of post purchase discount given by the supplier of the goods or services AAR held that Proviso to […]...

Read More

The Panorama of ITC on Rent-a-cab

Input Tax Credit, a word which has perturbed many professionals and businesses since the inception of GST. New definitions under GST have unsettled the earlier decisions on CENVAT / MODVAT credit provisions and the GST advance rulings have further aggravated such issues. In this article we have made an attempt to cover all aspects related...

Read More

New GST Portal functionality to Compare Liability Declared & ITC Claimed

New Functionality is available on GST Portal where one can Compare the Input Tax Credit taken in GSTR-3B and that available in GSTR-2A. This tool is a great help for making GST Reconciliation for Annual Return or making ITC Reconciliation for Finding out that how much ITC we have claimed in GSTR-3B and how much […]...

Read More

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