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...
Whether the new rules (imposing the restriction of 20% on input tax credit (‘ITC’)) could be implemented without notifying Section 43(A) of the CGST Act? Whether amendment in Rule 36 of the CGST Rules, 2017 could be brought about, leaving the recipient at the whims of the supplier, thereby violating a person of its substantive right and overriding Article 14 and Article 19 of the Constitution?
Any registered person can avail credit of Input tax paid on the inward supply of goods or services or both which is used or intended to be used in the course or furtherance of business. He is in possession of tax invoice or any other specified tax paying document.
Supplier has not filed GSTR 1. Except a nominal late fee, there is no penal action against the supplier for not filing the GSTR 1. There is lack of any incentive or compulsion to file GSTR 1 on time.
Revised GST Rules has placed a cap of 20% (i.e. Credit reflected in GSTR2A plus 20%) on the input credit which can be availed by a taxpayer on the input tax paid on goods purchased by him. The new rule says that the taxpayer can avail only 20% extra amount than the amount of input credit reflected in his GSTR2A return.
ANALYSIS ITC CAPPED BY 20% OF ELIGIBLE ITC OF GSTR 2A CBIC by Notification No. 49/2019 – Central tax – dated 09 October, 2019 it has placed a cap on availment of Input Tax Credit (‘ITC’) to the extent to 20% of eligible input invoices or debit notes. TABLE FOR ABOVE UNDERSTANDING Sr. No Particulars […]
Introduction Central Board of Indirect tax and Customs (‘CBIC’) has released Notification No. 49/2019 – Central tax – dated 09 October, 2019 wherein vide Rule 36(4) of the Central Goods and Services tax Rules, 2017 (‘CGST Rules, 2017’) it has placed a cap on availment of Input Tax Credit (‘ITC’) to the extent to 20% […]
In re CMS Info Systems Ltd (GST AAAR Maharashtra) The Appellate Authority for Advance Ruling hold that Input Tax credit against the GST paid on purchase and fabrication of the motor vehicle used for carrying cash and bullion is available to the appellant. Read AAR Order : GST applicable on Supply of motor vehicles as […]
AAAR hold that Input Tax Credit against the GST paid on the purchase, and fabrication of the motor vehicles, used for carrying cash and bullions, is available to Appellant.
CBIC issued notification no 49/2019 dated 09-10-2019, amending the rules for claiming Input Tax Credit wherein the government has capped the ITC that a registered person can claim.
CBIC issues Notifications relating to filing of returns under GST Central Board of Indirect Taxes and Customs has issued Notifications 44–48/2019 Central Tax dated 9 October 2019 relating to filing of returns under Goods and Services Tax (GST). The key changes are as follows: Notification no. 44/2019-Central Tax dated 09 October 2019 CBIC vide said […]
