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...
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 […]
