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...
In the present case, he had been paid professional fee for uploading of the refund of Input Tax Credit. The petitioner and his co-accused Sunil Mahalawat were colleagues, as such the UDIN was borrowed by the petitioner from him for uploading and issuance of the CA certificate.
ACIT Vs LGW Industries Limited & ors. (Calcutta High Court) Hon’ble Division Bench of Calcutta high Court has dismissed the appeal of the department vide its judgment dated 16th September, 2022 in a dispute relating to denial of Input Tax credit due to cancellation of registration of supplier of goods with retrospective effect. Hon’ble single […]
Section 16 provides that no registered person shall be entitled to any input tax credit (‘ITC’) unless the stipulated conditions are specified. The said conditions relate to the possession of the valid document, furnishing of the details of the said document by the vendor, actual receipt of the goods or services or both, the actual payment of tax to the Government and filing of the return.
Since the onset of GST, businesses have been struggling to comply with the provisions seeking for the reversal of the ITC along with interest on the failure to pay the taxable value along with tax amount to the vendor within 180 days from the date of the issuance of the invoice.
As per pre amended rule 37 (3) interest was payable by the taxpayer as the provision of section 50(1) of the CGST Act whereas now only reference to section 50 has been mentioned in the post amended rule 3 (1).
section 41 of the CGST Act, 2017 provided that the ITC claimed by a taxpayer in GSTR 3B shall be provisional, until it is matched and finalised as per provision of section 42 & 43 and corresponding rules. However, this mechanism could never be implemented as GSTR 2 return was never filed.
Recently, section 50 of the CGST Act was amended retrospectively from 1.7.2017 to provide that interest will be charged on ITC wrongly availed and utilized. Prior to the amendment, interest was chargeable on ITC wrongly availed or utilized. Thus, interest was chargeable on ITC wrongly availed but not utilized.
Understand the implications of Section 17(5) of CGST Act, 2017 on Input Tax Credit (ITC) for motor vehicles. Explore scenarios where ITC is not available, such as works contracts, personal consumption, and gifts. Stay informed to optimize your tax credit utilization.
Maximum time limit for availing ITC in respect of invoice pertaining to Financial Year 2021-22 is earlier of 1. 30th November following the end of the relevant financial year i.e. 30th November, 2022; or 2. Due date of Annual Return (FORM GSTR-9) under Section 44 i.e. 31st December, 2022.
Rajesh Kumar Dudani Vs State of Uttarakhand (Uttarakhand High Court) It is the case of generating fake and forged invoices so as to claim ITC. In their objections, the respondent no.2 has given categorical details of such dubious transactions and has also submitted as to how in one day, the money has routed in different […]
