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...
1. Extension in due date for filing GSTR-4: – Composition taxpayers for FY 2020-21- The due date extended to 31st May 2021 from current 30th April 2021. 2. Waiver of late fees in GSTR-3B: – GSTR-3B for the month of March & April 2021 and January-March, 2021 Turnover more than 5 Cr: – filed within […]
In Rule 86A, 4 scenarios has been mentioned for blocking of ITC. Out of the 4 scenarios, more importance has to be given for situation (a) and (c). It should be ensured that no input tax credit is availed on the strength of tax invoices or debit notes or any other documents prescribed under rule 36 issued by a registered person who has been found non- existent or not conducting any business from the place for which registration has been obtained or without receipt of goods or services or both.
Introduction Recently, there have been multiple amendments and notifications under GST. This leads to difficulty in confirming whether an entity is in compliance with the GST law or not. Some of the recent changes are: -E-invoicing being introduced in a phased manner from October 2020. -Finance Act 2021, having major modifications but not yet notified […]
This article deals with the concept of Input Tax Credit (ITC) under GST. What is Input tax Credit, how it can be claimed, what is the maximum time limit and other related questions regarding ITC has been answered. I have tried to explain the concept in simple language for better understanding. Q1- What is Input […]
The Central Government, in continuation of its commitment to address the hardship being faced by various stakeholders on account of the severe Covid-19 pandemic, has, on consideration of various representations received from various stakeholders, decided to provide the following reliefs and development under Indirect taxes and Direct Taxes: As a measure of relaxation under Goods […]
Seamless Flow of Input Tax Credit (ITC) in letter and Seamless Block of Input Tax Credit in Practice The Executive Summary (Report of Task Force on Implementation of GST dated 30th December 2009, paragraph 2.16 reads as follows: vii. The Computation of the CGST and SGST liability should be based on the invoice credit method i.e., […]
The Hon’ble AAAR, Karnataka in Re: M/s Page Industries Limited [Order No. KAR/AAAR/05/2021, dated April 16, 2021] held that the promotional products/materials & marketing items which are distributed to their distributors/franchisee free of cost (FOC) by the assessee in promoting their brand & marketing their products can be considered as ‘inputs’ as defined in Section 2(59) of […]
GST: Input Tax Credit (ITC) for packing materials consumed in packing of Exempted/Nil rated/Zero rated & Non GST supplies; Under the GST Acts which comprises the Central Goods & Services Tax Act, 2017 (CGST Act), State Goods & Services Tax Acts,2017 (SGST Acts), Integrated Goods & Services Tax Act,2017 (IGST Act) and the Union Territory […]
The country is dealing with a very challenging situation due to second wave of COVID-19 Pandemic which is more devastating in many ways than the one before. We need to be self-disciplined and follow all the Covid safety protocols. The government is also contributing their best to facilitate the trade and industry through facilitation measures. […]
1) Relevant Provision Section 16(1) and (2) of the CGST Act: “16. Eligibility and conditions for taking input tax credit. (1) 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 […]
