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...
Sub-Section 2 of Section 50 mandates interest is to be calculated in such a manner as may be prescribed. However, so far no notification is issued under this Sub-Section. Hence no interest is payable under the provisions of CGST Act, until the manner of calculation is notified under the provisions of Section 50(2) of CGST Act.
Article explains Input Tax Credit (ITC) availability on Railway freight and Railway Tank Wagons under GST, Rate of GST on Rail wagon, Whether ITC (Input Tax Credit) is available on purchase of rail wagon and Whether ITC (Input Tax Credit) is available on rail freight payment. Input Tax Credit (ITC) availability on Railway freight and […]
During investigation, it was revealed that M/s Fortune Graphics Limited, M/s Reema Polychem Private Limited & M/s Ganpati Enterprises have issued invoices worth more than Rs 4,198 Crores wherein Tax amount of more than Rs 660 Crores has been fraudulently passed on as ITC credit to buyers of such fake invoices.
Ministry of Finance Major Racket of Fake Invoicing of Rs.7896 Crore Busted Involving Network of 23 Shell Companies Two Accused Arrested & Remanded to 14 Days Judicial Custody The officers of Anti Evasion wing of Central Tax, Delhi West Commissionerate have busted a major racket of fake invoicing of Rs.7896 crore involving fraudulent Input Tax […]
Rule 88A has been inserted by the Central Goods and Services Tax (Second Amendment) Rules, 2019 with effect from 29.03.2019. According to the Rule, Input tax credit on account of integrated tax shall be utilized towards payment of integrated tax, the amount remains, if any, may be utilized towards the payment of Central Tax and […]
Officers of Anti-Evasion, Central GST Delhi East Commissionerate have unravelled a major operation of Circular Trading, involving use of fake invoices to claim fraudulent refunds of Input Tax Credit. Shri Asif Khan, Shri Rajeev Chhatwal and Shri Arjun Sharma, operating a total of 17 fake firms, procured invoices without actual supply of goods and availed as well as passed on ITC fraudulently, to the tune of Rs 436 crores.
We know that among all the means of transportation of liquid products (like oil, Gas, water etc) pipeline is the most economical and efficient means of transportation. A common question arises whether the Input Tax Credit (ITC) is available on pipeline cost. Pipeline cost are of two types 1. Erection cost of pipeline (Capital Expenditure) […]
Utility for compliance of Rule 36(4) – This utility is prepared in view of notification regarding new rule 36(4) and circular no. 123 to determined maximum ITC (B2B) that can be availed while filing GSTR 3B. As per the new rule 36(4) inserted vide Notification No. 49/2019 dated 09th October 2019, a taxpayer can claim […]
On 25th February, 2020, the Directorate General of GST Intelligence (DGGI), Kolkata Zonal Unit (KZU), arrested 02 (two) persons in a case of GST fraud involving Rs. 500 crores of bogus transaction with involvement of GST credit of more than Rs. 96 crores.
Nag Vidarbha Chamber of Commerce has made a Representation and suggestions on few provisions under GST which includes suggestions on provision of Sec. 16(4) of CGST Act 2017 which lays down the condition to take input tax credit by a dealer in books of accounts within a prescribed due time, Levy of Interest under Section […]
