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...
Every registered person shall, subject to such conditions and restrictions as may be prescribed and in the manner specified in section 49, be entitled to take credit of input tax charged on any supply of goods or services or both to him which are used or intended to be used in the course or furtherance of his business and the said amount shall be credited to the electronic credit ledger of such person.
As we all know working capital plays a critical role in the functioning of a business. Processing of timely GST refunds will help your businesses and facilitate trade through the release of blocked working capital funds. In order to provide solution to the various REFUND related issues, we have come up with an integrated lecture […]
Understand the intricacies of Input Tax Credit (ITC) under GST in scenarios where the supplier hasn’t filed GSTR-1 or GSTR-3B on time. Learn about the impact on recipients, actions to take, and safeguarding strategies for ITC availment. Stay informed to make sound financial decisions.
Input tax credit of goods or services covered under provisions of section 17(5) of Central Goods and Services Tax Act, 2017 is not available.
HC permitted assessee to rectify its GST Returns filed for the months of September 2017 and March 2018, in order to claim ITC benefit by the recipient, wherein B2C was erroneously mentioned, instead of B2B. Held that, the assessee will be unnecessarily prejudiced if it is not allowed to avail the benefits of ITC.
Learn how to reverse ITC for non-payment of tax by suppliers and availment of ITC – rule 37A of CGST rules CBIC, Notification No 26/2022 – Central Tax and more with Finance Act 2022.
Get to know what is the difference in input tax credit between GSTR 2A and GSTR 3B as per GST Law. Understand the validity of scrutiny notices and intimations by the department. Learn more about the 4 conditions to claim input tax credit under the CGST Act, 2017.
Taxpayer has not reversed ITC availed by them on receipt of supplies wherein taxpayer has either not paid the amount to supplier till date and period of 180 days has already been elapsed or taxpayer has paid the same after period of 180 days.
Madras High Court held that section 84 of Tamil Nadu Value Added Tax Act, 2006 provides for the rectification of an error apparent on record and not one which involves discussion, debate or possible multiple opinions.
Understand the calculation of interest on 180-days reversals under GST with the CGST Act, section 50(3). Learn why availment and utilization cumulatively trigger interest levy!
