Goods and Services Tax : The issue was whether buyers can claim ITC when suppliers default on tax payment. The court upheld denial, emphasizing ITC is cond...
Goods and Services Tax : Highlights that system-based NGTP tagging cannot replace proper verification before denying ITC. Key takeaway: factual investigati...
Goods and Services Tax : Courts ruled that denying ITC due to supplier non-payment is unjust when buyers act in good faith. The key takeaway is that bona f...
Goods and Services Tax : This explains how courts have imposed strict safeguards on ITC blocking under Rule 86A. The key takeaway is that due process is no...
Goods and Services Tax : The article highlights how aggressive GST actions impact genuine businesses. The key takeaway is the need for balanced enforcement...
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 : Important change in Table 6 of GSTR-9 for FY 24-25 - Taxpayers can now report ITC of previous financial year that was claimed in ...
Goods and Services Tax : The issue involved alleged cyber fraud where funds were credited to the petitioner’s account. The Court granted relief consideri...
Goods and Services Tax : The Court examined whether ITC can be denied when the supplier fails to deposit tax. It upheld the provision, ruling that ITC depe...
Goods and Services Tax : The Tribunal remanded the case after finding that ITC reversals on unsold inventory were not adequately examined. It directed fres...
Goods and Services Tax : Dispute on ITC mismatch between returns was remitted after ex-parte order, allowing reconciliation upon 10% pre-deposit. Key takea...
Goods and Services Tax : The High Court did not decide the constitutional challenge but directed authorities to reconsider the taxpayer’s objections and ...
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...
Goods and Services Tax : CBIC unveils trade facilitation measures, combats counterfeit currency, and detects ₹80 crore GST fraud. Key developments from I...
New GST Accounting System Under Rule 36(4) With Respect To 110% Availment of GSTR 2A The businesses have to change the mindset, the way of accounting, the innovative way of doing accounting entries in the ERP systems to remain abreast of the continuous and dynamic changes in Gst rules/ Act. There have been more than […]
Meaning of Input Tax Credit (ITC); Section 2(63) of CGST Act, ITC means the credit of input tax and Section 2(62) of CGST Act, Input Tax means, in relation to registered person, tax charged on any supply of goods or services or both made to him and specifically includes, IGST paid on imports, RCM paid […]
1. The CBIC vide Notification No. 16/2020- Central Tax dated March 23, 2020 has amended CGST Rules 43. This rule applies for ITC reversal in respect of capital goods if the said capital goods used for producing supplies partly for exempted/ non business purpose and partly for taxable / business purpose supplies. 2. Before we […]
Goods and Services Tax (GST) is considered as the biggest reforms in India. However, one thing that has become the talking point is – the mechanism of input credit under GST. In simple words, Input credit means that at the time of paying taxes on sales made, you can reduce the tax from the tax paid […]
Article explains about Concept of Input Service Distributor (ISD) under GST, Manner of distribution of credits by ISD to recipient unit(s), Conditions of distribution of ITC, Recovery of excess distribution of ITC by Credit Notes or otherwise, Registration of ISD, GST return for Input Service Distributor, Particulars of documents to be issued by or to […]
Nowadays, various cases of bogus billing have been reported by the authorities, wherein, fake invoices have been used to avail ineligible Input Tax Credit. In this article let us understand that what is bogus billing? How it is triggered?, what are penalties for it under GST law? How to safeguard oneself from such bills? Article […]
A person can make the export supply of goods by making payment of Integrated GST and refund can be claimed for the same. Further exports can be made without making payment of IGST after the submission of Bond/LUT. In such cases, a refund of accumulated Input Tax Credit on expenses may arise.
Special Rule 20-10-0 (October 2019 – March 2020) A Big Roller Coaster Ride – Guidelines for ITC refunds under Section 54(3) ‘ITC is always considered as a key factor since it has its own dimensions’ Recently, CBIC has released a Circular on GST Refunds wherein they have clarified that the exporter would not be eligible […]
Relaxation on applicability of restriction on Provisional Input Tax Credit (ITC) Under GST Existing Provision: The concept of claiming provisional Input Tax Credit (ITC) has been changed from the 38th GST Council Meeting and now only 10% provisional ITC of Eligible ITC is allowed for the Invoices or debit notes not reflected in GSTR-2A and […]
Implications on input tax credit (ITC) on account of non-payment to supplier within 180 days Second proviso to section 16(2) of the CGST Act provides that where the amount towards value of supply along with tax payable thereon is not paid to the supplier within 180 days from the date of issue of invoice, an […]
