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...
Recently IMF has cautioned India on economic slowdown stating that India is in the midst of a significant economic slowdown calling for urgent steps to check the slowdown and continuing with fiscal consolidation. The policy reforms suggested are ongoing cleaning up of bank’s balance sheets, strengthening of bank’s governance, regulatory oversight of NBFCs, monetary easing, […]
In this meeting taxpayers did receive their Christmas gifts wherein recommendations were made for extension of due date and also some procedural decisions were taken. The gifts given by stressful Santa Claus seems to be affected by 40% drop in revenue.
This Article discusses the issue of taxpayer with regard to implications of 20% Rule [Rule 36(4)] of CGST Rules 2017 with regard to supplies from Quarterly suppliers. The CBIC released an important notification no. 49/2019 on 9 October 2019, inserting a new sub-rule (4) under rule 36 of the CGST Rules, 2017, stating that provisional credit […]
Article explains Extension in Due Date of GST Returns , Decisions regarding restriction on availment of Provisional ITC in GSTR-3B, Late fee waiver on GSTR-1, Formation of Grievance Redressal Committees (GRC) and GST Rate revision as per 38th GST Council Meeting Decisions Held on 18th December 2019. 1. Extension in Due Date of GST Returns […]
GST Council in its 38th Meeting held yesterday on 18 December 2019, has announced various measures, particularly focusing on the compliances and wrongful availment of Input tax credit. In addition, the Council has also extended the date of filing of the GST Annual Returns and Reconciliation Statement from 31 December 2019 to 31 January 2020. […]
Availability of ITC on goods and services taken for construction of immovable property As per Section 16, every registered person is eligible to take ITC of goods and services intended to be used in the course or furtherance of business subject to other condition as mentioned in section 16(2) are fulfilled. Section 17(5) restrict ITC […]
Recently GST council meet was held on 18th December,2019. Here is the glimpse of the decisions taken in the council meet. Hope this article helps you to keep pace with all-time updating GST. Following were major decisions taken by the council- 1. Extension of Due date – Due date to file GSTR-9 (Annual Return) and […]
38th GST Council Meeting on 18th December 2019 decisions- Highlights and Analysis GST Rate Changes and Analysis | 38th GST Council Meeting 1. To exempt long term lease contracts of industrial/ financial infrastructure plots by an entity having 20% or more ownership of Central or State Government- Releases Working Capital pressure for entities where Govt […]
The GST Council in its 38th meeting held on 18th December 2019 at New Delhi discussed and approved: (i) certain amendments in the GST Law and procedures; and (ii) Changes related to GST Rates Below mentioned is the gist of announcements made by the GST Council categorised into below sections: 1. GST Revenue Trends – […]
1. Waiver of FORM GSTR-1 late fees Late fees for FORM GSTR-1 for period(s) july-2017 to November-2019, as proposed shall be waived off if filled by 10th January 2020 2. E-way Bill for taxpayers who have not filed their FORM GSTR-1 for two tax periods shall be blocked. 3. Provisional ITC further restricted to 10% […]
