CA, CS, CMA : From April 1, 2025, businesses with multiple GST registrations must obtain ISD registration to distribute Input Tax Credit (ITC) a...
Goods and Services Tax : Exploring challenges in availing Input Tax Credit (ITC) under GST and relief offered by Notification 183/2023. Understand the impl...
Goods and Services Tax : Learn about claiming refunds for excess amounts in your GST Electronic Cash Ledger. Understand the process, requirements, and step...
Goods and Services Tax : Section 34(2) of CGST Act allows a supplier to issue a credit note to adjust the taxable value or tax payable in case of: Post-s...
Goods and Services Tax : The Input Service Distributor (ISD) mechanism under GST enables businesses with multiple branches to centrally receive and allocat...
Goods and Services Tax : KSCAA highlights practical GST challenges in Sec 128A & Sec 16(4), urging clarifications on appeals, ITC, interest waivers, and mu...
Goods and Services Tax : Learn about India's efforts to combat fake ITC frauds, including special drives, legal actions, and GST guidelines for enforcement...
Goods and Services Tax : Explore the key recommendations made by the GST Council during its 54th meeting, including changes in GST rates, GoM formations, 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 : Calcutta High Court permits ITC claim under amended GST law, allowing rectification applications for late GSTR-3B filings for FY 2...
Goods and Services Tax : Delhi High Court sets aside GST demand on DLF Home Developers, ruling that the issue will be adjudicated by DGGI. Read details o...
Goods and Services Tax : Gujarat High Court grants bail to Harsh Vinodbhai Patel in GST fraud case involving ₹22 crore input tax credit. Court cites comp...
Goods and Services Tax : Assessee clarified that Form ST-3 was incorrect as some of the invoices inadvertently remained unaccounted for the said period and...
Goods and Services Tax : Kerala HC rules that availing CGST/SGST credit instead of IGST does not lead to revenue loss. Orders reconsideration of penalty on...
Goods and Services Tax : CBIC unveils trade facilitation measures, combats counterfeit currency, and detects ₹80 crore GST fraud. Key developments from I...
Goods and Services Tax : CBIC clarifies ITC eligibility for goods delivered under Ex-Works contract as per Section 16(2)(b) of CGST Act, 2017...
Goods and Services Tax : The circular clarifies that electronic commerce operators under section 9(5) of CGST Act need not reverse input tax credit for spe...
Goods and Services Tax : GSTN issues advisory on the new Invoice Management System (IMS) for accepting or rejecting supplier invoices, impacting GSTR-2B an...
Goods and Services Tax : CBIC clarifies input tax credit provisions under Section 16(5) & 16(6) of CGST Act, detailing rectification procedures for wrong c...
UTILISATION OF INPUT TAX CREDIT – Section 49A & 49B read with Rule 88A of CGST ACT. CGST Amendment Act 2018 insert two new sections Section 49A & 49B containing new order of set off of GST liability (from 1st Feb 2019). Prior to this Section 49(5) of CGST Act contains manner of utilization of […]
What is Input Tax Credit (ITC)? Input Tax Credit means reducing the taxes paid on inputs from taxes to be paid on output. When any supply of services or goods is supplied to a taxable person, the GST charged is known as Input Tax. The concept is not entirely new as it already existed under […]
Section 49 of the CGST Act, 2017 contains provisions in relation to payment of tax, interest, penalty and other amounts. Section 49 (5) of CGST Act, 2017 provides manner of utilizing Input Tax Credit (ITC) for payment of GST output tax liability, e.g IGST can be set off against IGST and then CGST and SGST, CGST can be set off against CGST and then against IGST, and SGST can be set off against SGST and then against IGST.
Rules 88A :Order of utilization of input Tax Credit- Restore to old method of set off of Input tax credit New GST Rules 88A as per Notification no 16/2019 dated : 29th March 2019 has restore the set of Input Tax Credit utilization in the old method with minor modification in order of set off. […]
Under the ITC concept, the taxpayer (GST Registered person) is eligible to reduce his/her tax liability which has already been paid on inputs from tax payable on outward supplies. Thus, it is important to know about those specific issues that cause a number of companies to lose huge Tax Credit while filing their GST Returns.
In re YKK India Pvt Ltd (AAAR Haryana) 1. Whether the applicant (YKK) is eligible to take input tax credit on GST charged by the Contractor for hiring of buses for transportation of employees? Yes, applicant is eligible to take input tax credit on GST charged by the Contractor for hiring of buses having approved […]
Analysis of New Rule 88A –Order of Utilization of input tax credit along with numeric illustrative comparison pre and post amendments. The new order of ITC utilization rule 88A is brought vide Notification no 16/2019 dated 29-03-2019 made effective from the 1st April 2019. This may provide some relief to the business community, which has […]
Central Board of Indirect Taxes and Customs have come out with a clarification vide Circular No. 92/11/2019-GST dated 07.03.2019, clarifying on various doubts regarding treatment of sales promotion scheme under GST. The circular clarifies following points; (i) It is clarified that samples which are supplied free of cost, without any consideration, do not qualify as […]
Central Government has amended the Central Goods and Services Tax Rules and these amendments have been made applicable with effect from 1st April 2019 by issuing Notification vide Notification No: 16/2019 – Central Tax dated 29th March 2019.
Author compiles recent changes in GST applicable wef 01.04.2019 related to builders and developers- It explains changes Where GST OF 1%/5% Is Opted For Ongoing Project, Where Existing 8% Is Continued With ITC, Impact on New Projects and amendment in rules regarding Input Tax Credit in summaried form.
