Goods and Services Tax : Understand the new GST adjudication process under Section 74A for determining tax, interest, and penalties from FY 2024-25 onwards...
Goods and Services Tax : Budget 2024 introduces new sub-sections in Section 16 of CGST Act to regularize Input Tax Credit claims past the deadline, aiding ...
Goods and Services Tax : Understand Input Tax Credit (ITC) under GST: Learn about eligibility, conditions, and types of ITC. Stay updated with latest amend...
Goods and Services Tax : Understand the time limit to avail Input Tax Credit (ITC) under Reverse Charge Mechanism (RCM) and the implications for registered...
Goods and Services Tax : Explore the nuances of input tax credit under GST and its commercial expediency, drawing parallels with income tax jurisprudence a...
Goods and Services Tax : Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC co...
Goods and Services Tax : CBIC detected Rs. 36,374 crore worth of fake ITC in FY 2023-24 involving 9,190 cases. Key measures and data on ITC fraud detection...
Goods and Services Tax : Join our live webinar on Block Credit in GST u/s 17(5) to understand ITC, eligibility criteria, and critical provisions. Expert in...
Goods and Services Tax : Meerut CGST Commissionerate exposes a syndicate claiming fraudulent Input Tax Credit of over Rs. 1,000 crore through 232 fake firm...
Goods and Services Tax : Explore the limitations and settlements regarding GST input tax credit, including late fees, penalties, and recent amendments. Dis...
Goods and Services Tax : Rajasthan HC rules on N.H. Lubricants case involving fake firms and ITC claims. Court directs petitioner to seek alternative remed...
Goods and Services Tax : Delhi HC upholds provisional bank account attachment in ITC fraud case. Petitioner failed to prove attachment was unwarranted. Cas...
Goods and Services Tax : Madras High Court orders reconsideration of Silk Junction vs Deputy State Tax Officer case over GSTR 1 and e-way bill mismatch....
Goods and Services Tax : Read the Madras High Court's judgment restoring GST registration due to COVID-19 and ill-health reasons, setting conditions for co...
Goods and Services Tax : Delhi High Court permits Steelmart India to contest GST show cause notice (SCN) despite not receiving the memo, addressing allegat...
Goods and Services Tax : Clarification on the availability of input tax credit for ducts and manholes used in optical fiber cable networks under CGST Act, ...
Goods and Services Tax : Clarification on ITC entitlement for insurance companies on motor vehicle repairs under reimbursement claim settlement as per CGST...
Goods and Services Tax : Explore the detailed minutes and recommendations from a recent Grievance Redressal Meeting chaired by the Principal Chief Commissi...
Goods and Services Tax : Catch up on the latest CBIC updates including legacy cases, gold smuggling bust, GST fraud crackdown, and inspiring achievements. ...
Goods and Services Tax : Understand the procedures for voluntary tax compliance under Sections 73 and 74 of the KSGST Act, 2017. Detailed analysis of Circu...
1. Transport Services: Tax rate ITC – Services ITC – Goods (a) Goods by rail (i) Containers 12 Y Y (ii) Others 5 Y N (b) Passengers by rail (Ex. sleeper class) 5 Y N (c) GTA Services (i) Household goods for personal use 5 N N (ii) Others (RCM) 5 N N (d) Goods […]
GST is a dual concept system. On every transaction (within a state), there will be component of Central GST (CGST) and State GST (SGST). Integrated GST (IGST) is for interstate transactions. Therefore, it is important for businesses to know how to set off the input credit against each of these components in the order as prescribed by the Law.
There are different provisions for ITC in Excise and VAT laws. In GST the provisions of ITC are given. Some provisions of excise, service tax and VAT are merged while preparing provisions of ITC.
1. Goods/ services are received. 2. Invoice for the goods/ Services received 3. GST is actually paid by the supplier. 4. Return showing Supply is furnished by the Supplier 6. If goods are received in lots – Full ITC shall be allowed only when last lot is received
Seven points, why Input Tax credit availed in one state cannot be utilized for payment of CGST/SGST/IGST liability of other state of the registered person under same PAN. The different view has comes and also there is huge confusion about the utilization of Input tax credit, outside the state. The act has not clearly provide about that whether credit availed in one state can be utilized against the liability in other state of the registered person under same PAN.
1. Interest for not making Payment to Supplier The recipient of supplies, needs to make payment for supply along with GST before 180 days from the date of Invoice, other-wise, the GST (of which he had availed credit) shall be added in the output tax liability of the recipient. Not only the output tax liability, […]
Input Tax Credit is available only if the registered person has issued the tax invoice for the supply of goods or services as given in the Revised Invoice Rules and the same is furnished in the GSTR – 2 of the recipient and GSTR -1 of the supplier of goods or services are matched. GSTR […]
The First step towards the transaction of GST will be the carry forwarding of the Inputs held in stock on the appointed day and its quantification thereof. Sections 139 to 142 of the GST Act, 2017 deals with transition provisions.
As per Section 16 – Manner of taking input tax credit read with Input Tax Credit Rules – By Empowered Committee of State Finance Ministers June, 2016 1. Eligibility: – Every registered taxable person shall be entitled to take credit of input tax admissible to him (The said amount shall be credited to the electronic […]
INPUT TAX means the CGST, SGST, IGST or UGST charged on any supply of goods or services or both made and includes IGST on Imports & tax payable under reverse charge provisions. However, Input Tax does not include the tax paid under the composition levy
