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...
GST brought many benefits to the businesses and economy of our country. Among all other benefits, one benefit which was emphasized at the time of its introduction was ‘Seamless flow of credit’. Provision under GST Law has been enacted in such a manner to achieve the said objective. However, there is still a need for […]
Section 47 and 50 of CGST Act, 2017 deals with the late fee and interest payable under the CGST Act respectively. The Government introduced some amendments in Section 47 of CGST Act, 2017 to benefit the taxpayers by reducing the maximum cap of late fee. Here in this article, we will deliberate about the recent […]
How to match the books of accounts input tax credit balance with GST Credit ledger who opts QRMP scheme. (Assumption that the tax payer will pay the tax on the basis of self-assessment method) Registered tax payer has paid the tax through GST PMT 06 for one month after considering input tax credit available. althotogether […]
Availment of ITC Credit for the Month of June-2021-How to Calculate 5% Provisional ITC in Form GSTR-3B as per the CGST Rule 36(4) Rule 36(4) restricts the availment of input tax credit beyond 5% of the ITC reflected in Form GSTR 2A/2B. However, as per Notification No. 13/2021-CT dated 1st May 2021 as amended by […]
In re Vishnu Chemicals Limited (GST AAR Andhra Pradesh) No ITC on invoices raised for the past period as hit by Period of Limitation The AAR, Andhra Pradesh, in the matter of M/s. Vishnu Chemicals Limited, [AAR No.21/AP/GST/2021 dated July 20, 2021] has held that no Input Tax Credit (“ITC”) on monthly rental tax invoices raised after […]
Reversal of ITC under Section 17(5)(h) of CGST Act in case of loss of input which is inherent to manufacturing loss is misconceived, as such loss is not contemplated or covered by situations adumbrated under Section 17(5)(h) of the CGST Act.
During the financial year 2020-21 the CGST zones and the Directorate General of GST Intelligence (DGGI) have booked about 8000 cases involving fake ITC of over Rs. 35000 crore. During the financial year 426 persons including 14 professionals such as CAs, Lawyers and masterminds, beneficiaries, directors etc were arrested.
Based upon specific intelligence, the officers of the Anti Evasion branch of Central Goods and Service Tax (CGST) Commissionerate, Delhi (West) have unearthed a case of availment/utilization and passing on of inadmissible input tax credit (ITC) through goods less invoices of Rs 91 crore (approx).
We have once dreamed that there should be one tax for one nation and implementation of GST Act,2017 from 1st July,2017 has fulfilled our dream. GST has implemented whole of India and number indirect and direct taxes have been submerged into GST. In earlier tax regime ,there were cascading affect of taxes and each sate […]
Whether Section 17(5)(h) covers inputs or outputs/Finished goods Case of loss of Inputs during manufacturing process in Madras High Court Ruling – Loss of input when consumed during manufacturing process – such loss is not covered by situations u/s 17(5)(h) – ITC reversal not required: HC (M/s. ARS Steels & Alloy International Pvt. Ltd., vs […]
