Goods and Services Tax : A supplier cannot issue a GST credit note merely because the buyer has not paid the invoice. The proper remedy is to document the ...
Goods and Services Tax : The article explains how mandatory IMS and the Zero-Mismatch Policy require taxpayers to verify invoices before claiming ITC, maki...
Goods and Services Tax : The article explains how IMS makes accepted invoice records the basis for ITC eligibility, strengthening compliance, fraud detecti...
Goods and Services Tax : The Madras High Court held that retrospective cancellation of a supplier's GST registration alone is insufficient to deny ITC. Aut...
Goods and Services Tax : The article explains why retrospective GST cancellation alone should not result in ITC denial where buyers have complied with Sect...
Goods and Services Tax : Representation addressed to Union Finance Minister, GST Council and CBIC seeks legislative and administrative relief for bona fide...
Goods and Services Tax : Authorities uncovered fraudulent ITC claims based on fake invoices without actual supply of goods or services. The accused was arr...
Goods and Services Tax : Authorities uncovered fraudulent ITC claims exceeding ₹8 crore without actual supply of goods. The ruling highlights that ITC is...
Goods and Services Tax : CGST Delhi South arrested a director for allegedly availing ₹6.53 crore in fraudulent ITC based on bogus invoices worth ₹36.28...
Goods and Services Tax : Government advisories revised the IMS process to stop unfair tax escalation on credit note rejection. The key takeaway is balanced...
Goods and Services Tax : Madras High Court set aside certain GST orders after holding that DRC-01 notice should have preceded adjudication following the ea...
Goods and Services Tax : Odisha AAR held that questions relating to refund of accumulated ITC under Section 54(3) are not maintainable under the advance ru...
Goods and Services Tax : The High Court granted regular bail in a GST fraud prosecution after noting that the investigation had been completed, the complai...
Goods and Services Tax : The SC declined to interfere with the High Court ruling that Rule 86A cannot be used to create a negative Electronic Credit Ledger...
Goods and Services Tax : The High Court held that Rule 86A permits blocking only of input tax credit actually available in the Electronic Credit Ledger. Ne...
Goods and Services Tax : GSTN has launched a standardized Annexure-B Offline Utility for refund applications involving accumulated ITC to enable automated ...
Goods and Services Tax : The portal will restrict GSTR-3B filing if ITC reclaims exceed ledger balances. The key takeaway is mandatory correction of excess...
Goods and Services Tax : The Delhi government allows registered taxpayers to rectify GST orders where previously denied ITC is now eligible under section 1...
Goods and Services Tax : Rajasthan GST circular directs officers to reject Input Tax Credit claims for taxpayers who register after 30 days from becoming l...
Goods and Services Tax : Learn about the Rajasthan Commercial Taxes Department's new directive on verifying and rejecting Input Tax Credit claims for busin...
To enhance compliance with regards to ITC utilization and the accurate reporting of ITC availment, ITC reversal, ITC re-claimed and Ineligible ITC information in GST returns by taxpayers, CBIC continuously implementing certain measures.
HC set aside SCN and held that assessee was not ‘intermediary’ and therefore, refund claim of unutilized ITC used in making zero rated supplies of services without payment of IGST was allowed.
Taxpayers are being provided a facility to report their cumulative ITC reversal (ITC that has been reversed earlier and has not yet been reclaimed) as opening balance for Electronic Credit Reversal and Re-claimed Statement if any.
Understand the new Electronic Credit Reversal and Re-claimed Statement in GST for efficient ITC reversal and re-claim. Learn about reporting, amending, and validating opening balances, with a deadline and amendment limitations. Stay compliant, reduce errors, and enhance transparency. Check your Electronic Credit Reversal and Re-claimed Statement on the GST portal for accurate ITC claims.
जीएसटी विभाग ने जीएसटी R3b में अधिसूचना के माध्यम से करदाता को प्राप्त आईटीसी रिवर्सल/ रिक्लेम आईटीसी और अयोग आईटीसी के संबंध में सही जानकारी देने के संबंध में यह परिवर्तन किया गया है। जब हम अधिसूचना संख्या 14/ 2022 /सेंट्रल टैक्स/ दिनांक 5 जुलाई 2022 तथा परिपत्र संख्या 170 /02 /2022/ जीएसटी /दिनांक 6 […]
Electronic Credit Reversal and Reclaimed statement relates to notified changes made in GSTR 3B returns to enable taxpayers in reporting correct information regarding ITC availed, ITC reversal, ITC re-claimed and ineligible ITC.
Globolive 3D Private Limited Vs Union of India (Bombay High Court) Introduction: The Bombay High Court recently delved into a significant issue concerning the nature of Satellite derived 3D model services. The core matter revolved around whether such services should be categorized as Online Information Database Access or Retrieval (OIDAR) services or considered as an […]
Please read the following advisory carefully before proceeding ahead for reporting the ITC Reversal opening balance: 1. Taxpayers are permitted to use this facility to report their ITC Reversal Balance that has not been re-claimed. 2. The taxpayer is advised to report solely those reclaimable ITC reversal balances that meet the legal criteria for re-claim […]
Join us for an insightful YouTube Live session as we delve into the intricacies of Input Tax Credit (ITC) under the Goods and Services Tax (GST) framework. Our goal is to provide a comprehensive understanding of ITC, its significance, challenges, and crucial provisions that impact businesses. Download Presentation Slide: PPT on Decoding Input Tax Credit […]
Uncover relief on mismatched Input Tax Credit (ITC) issues from FY 2017-2018 to 2019-2020. Explore the impact of GST Department’s press release and circular, providing insights into ITC claim challenges and reconciliation litigations. Gain clarity on the Karnataka High Court judgment favoring taxpayers and the subsequent implications for addressing ITC mismatches.
