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In case, it is not possible to re-credit the amount to the Electronic Credit Ledger by the respondent revenue due to non-availability of mechanism at GSTN portal, the petitioner shall be permitted to manually take input tax credit of the amount of the refund rejected in Form GSTR-3B.
The petitioners are mainly carrying on business activity of constructing shopping malls for the purpose of letting out of the same to numerous tenants. Huge Quantities of material and other inputs/ input services are required for construction purpose were purchased on which GST has been paid.
Writ petition filed before Orissa High Court challenging denial of ITC to real estate companies, hotels, malls in cases where construction is undertaken by the Company itself
Recently on 33rd and 34th meeting of GST council has brought a paradigm shift into the GST application on Real estate sector. As per the revised rates effective from 01.04.2019 GST would be applicable at the rate of 5% on residential properties and 1% on affordable segments of Residential properties WITHOUT ITC after 1/3rd abatement […]
Article explains Conditions under which Input Tax credit can be availed under GST Regime, Conditions under which Input Tax credit can’t be availed, Other items on which ITC is not eligible in certain cases, Other points regarding Input Tax Credit Availment, Some Important Provisions related to ITC, Transitional Provisions Based on Input Tax Credit (ITC) […]
In the High Court of Delhi in case of ON QUEST MERCHANDISING INDIA PVT. LTD. Versus GOVT. OF NCT OF DELHI. Held Section 9(2)(g) of Delhi Vat Act, 2004 requiring that the ITC will be allowed subject to the payment of tax by the selling dealer. Held that it was violative of Article 14 of Constitution of India. Purchasing Dealer has paid the entire tax amount to the selling dealer
Every registered dealers has to compare input tax credit claimed in GSTR 3B with their GSTR 2A report. I am attaching an excel format which will make the comparison mush more easy.
In this article you will get to know about all the 4 Types of ITC Forms available at GST Portal in brief and will help to get a clear understanding about them by reading CRUX. There are 4 types of ITC Forms, which are as follows:- ♣ ITC 01 – ITC for new GST Registration […]
Reversals explained in Detail are as Follows- -Rule 37 – 180 Days Non Payment -Rule 39 – Credit note issued to ISD -Rule 42 – Inputs used for Exempted Supplies/Personal Use -Rule 43 – Capital Goods used for Exempted Supplies/Personal Use -Others 1. Rule 37(2)– 180 days Non Payment As a dealer, you would have […]
The date for exercising the option for residential real estate project to either stay at old GST rate (8% or 12% with ITC) or to avail new GST rate (1% or 5% without ITC) is being extended to 20.05.2019 from 10.05.2019. Government of India Ministry of Finance (Department of Revenue) Notification No. 10/2019-Central Tax (Rate) […]