Goods and Services Tax - Across the country objections have raised by the GST Department on erroneously availed but not utilized ITC. In this article we will discuss on such objections and the legal provisions in this regard. First as per Sec 50(3) read with sec 42(10) of CGST Act, payment of interest is only triggered where there is a […]...
Read MoreGoods and Services Tax - As per Section 18 of CGST Act, there are possibilities and conditions for the availability of input tax credit in special circumstances as below: (a) Availability of Input tax credit in case of Compulsory Registration When a person becomes liable to registration and he has applied for registration within 30 days from the date he […...
Read MoreGoods and Services Tax - Author compiled Format of Letter of undertaking or Indemnity Bond to claim Input Tax Credit (ITC) under GST. Section 16 of CGST Act, 2017 states Conditions and eligibility for availing Input Tax Credit: As per the provisions, Registered person shall be entitled to avail the ITC on satisfying below mentioned conditions #1 He is in [&hellip...
Read MoreGoods and Services Tax - According to Section 17, the input tax credit is available only to the extent of the goods or services used for the business purpose or effecting taxable supplies including zero rated supplies as discussed earlier in Rule 42 & 43. Apart from the above, there are goods and services which are not eligible for input […]...
Read MoreGoods and Services Tax - Ideally we don’t understand this logic wherein law maker one case allow it if it is paid by way of IGST on export of goods however the same ITC on capital goods claim through RFD 01 then it is disallowed....
Read MoreGoods 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 ...
Read MoreGoods 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 […]...
Read MoreGoods 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...
Read MoreGoods 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 ;...
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 MoreIn re NSL Mining Resources India Private Limited (GST AAR Andhra Pradesh) - In re NSL Mining Resources India Private Limited (GST AAR Andhra Pradesh) 1) Whether Excise duty , CVD and SAD paid on Capital Goods purchased prior to July 1st July 2017 on which CENVAT credit has not been claimed earlier, can be claimed U/s 140(2) of the CGST Act, 2017 in the absence of registra...
Read MoreIn 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 ...
Read MoreIn 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...
Read MoreRanjeet @ 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...
Read MoreTara 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....
Read MoreMemo 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...
Read MoreTrade 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. ...
Read MoreNo. 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...
Read MoreNo. 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. ...
Read MoreCircular 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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