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...
Section 16 of the CGST Act, 2017 spells out the eligibility and conditions for availing the input tax credit. The Section 20 of IGST Act, 2017 provides for the applicability of various provisions of CGST Act, 2017 to the IGST Act, 2017 mutatis mutandis and by virtue of said section the provisions related to Input […]
Applicant has sought a clarification on Goods and Services Tax (GST) applicability on the contract of supplying Non- Air Conditioned (Non-AC) Buses and whether exemption is available for stated service under SI No. 15 Heading 9964 of Notification No. 12/2017 – Central Tax (Rate) dated June 28, 2017 (Services Exemption Notification) is applicable in the case.
We all have become familiar and almost adapted by now to receive letters from the GST Department informing about mismatch in returns and statements. Such letters often advise/ direct/ instruct for payment of differential tax amount/ reversal of excess Input tax credit with applicable interest and penalty, if any mismatch is seen in the data […]
All GST Taxpayers getting difficult to match their Book ITC with GSTR 2B ITC. Because GSTR-2B contains ITC is not only Related to current month ITC. It may be related to Earlier Months ITC due to their suppliers is filed GST Returns after the due date. Here is the Simple Equation for Matching your Book ITC with GSTR 2B ITC. […]
In re The Varachha Co Op Bank Ltd [Advance Ruling No. GUJ/GAAR/R/37/2021 dated July 30, 2021], M/s. The Varachha Co Op Bank Ltd (Applicant) having undertaken construction of their New Administrative Office has sought an Advance Ruling on applicability of Input Tax Credit (ITC) on Services like Central Air Conditioning Plant, New Locker Cabinet, Lift, […]
GST Law’s backbone is the free flow of input credit. This allows for tax-free transactions and eliminates cascading effects. Section 17(5) of 2017 CGST Act defines certain Goods and Services as Blocked Credit. This means that a taxable person cannot claim Input Tax Credit ( ITC ) for the goods or services listed under section 17(5) of the CGST Act 2017.
Since the Goods and Services Tax (GST) got introduced from July 2017, there has always been issues of specifically matching and reconciling of Input Tax Credit (ITC) claimed in self-declared tax summary return i.e GSTR-3B with the data under auto generated form GSTR-2A/ 2B. Conceptual Understanding- GSTR-3B is a consolidated form of monthly summary return […]
Section 17(5) of CGST Act denies input tax credit on the specific supplies received by a registered person. Input tax credit on motor vehicles used for transportation of persons is ineligible. We shall discuss the same in detail. According to Section 17(5) (a) of CGST Act, input tax credit is not available on motor vehicles […]
In a plethora of judgments various courts have taken a view that the procedural grounds can not supersede the provisions of the legislation. In line of those judgments recently the honorable Kerala High court in the matter of the St. Joseph Tea Company Ltd Vs. (i) The State Tax Officer (ii) Deputy Commissioner , State […]
Introduction: Sec 135 of the Companies Act prescribes certain criteria for mandatory CSR expenditure. If company fulfils any of the prescribed criteria, then it needs to constitute a CSR committee of Board which shall formulate and recommend CSR policy to spend at least 2% of the average net profit of the immediately preceding 3 FYs. […]
