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 : From April 1, 2025, ISD registration is mandatory for businesses distributing input tax credit on services across multiple offices...
Goods and Services Tax : Understand ITC reversal rules for banks & NBFCs. Compare Rule 38 & Rule 42 for ITC claims, exemptions, and GSTR-3B reporting. Find...
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 : 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 : Madras High Court sets aside GST interest and penalty order, citing prior ITC reversal. Petitioner gets a final chance to file obj...
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...
All the businesses are required to register under GST for its all branches from where the taxable supply is being made. The concept of GST input service distributor is relevant for businesses having GST registration and operating with more than one branch within India. ISD Will be applicable only for the entities having multiple branches registered […]
Capital Goods:Section-2(19) – Means goods, the value of which is capitalized in the books of account of the person claiming the input tax credit and which are used or intended to be used in the course or furtherance of business.
Doubts have been raised regarding the restrictions of refund of unutilized input tax credit of GST paid on inputs to manufacturer exporters of fabrics [falling under chapters 50 to 55 and 60 and headings 5608, 5801, 5806] under GST.
Zero rated supplies are those supplies on which you can claim input but Vat is charged at zero rate. To understand better we should first understand the definition of Taxable Supply.
They provide the SMS Aggregator services to M/s Facebook under an agreement for which the bills were raised to M/s Facebook, Ireland and the amount was received in convertible foreign currency. They filed four refund applications towards refund of unutilized cenvat credit of input services used for export of services in terms of Rule 5 of Cenvat Credit Rules,2004
Uninterrupted and seamless chain of input tax credit is one of the key features of Goods and Services Tax. ITC is a mechanism to avoid cascading of taxes. Cascading of taxes, in simple language, is ‘tax on tax’.
The term input is one of the important concepts, which is integrally connected to output. The existence of output cannot be realized without input. The input tax occupies an important place in any tax system. Input tax credit under erstwhile Cenvat provisions was backbone of the Cenvat Credit Rules. Similarly, the ITC scheme is the […]
Introduction:- Time has been arrived for filing of GST Returns but in some transactions we are not very much clear whether ITC has been availed for a particular transactions or not. Section-17(5) of CGST Act, 2017 will provide light in this matter. This article will provide detail lists of Input not eligible for Input Tax […]
Introduction: This article discusses in detail about adjustment order of Input tax credit under GST. Query: As per rule first IGST has to be adjusted in CGST and then SGST, but because of lack of knowledge, IGST has been adjusted 50-50 against tax liabilities as per below screen shot and submitted GSTR 3B, and deposited […]
One of the key areas, which GST has impacted, is Input Tax Credit or ITC. Input Tax Credit is not a new concept and it existed before GST also. However, ITC under VAT (Value Added Tax) was a different concept. It is basically a is a charge on the supplies of inputs i.e., raw materials. It is imposed by the government on the person who receives such supplies of goods and services for business purpose.
