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...
Under Rule 42 a registered person has to reverse the portion of the input tax credit availed attributable to its exempt supplies. A formula therein has been prescribed for such reversal
The Article on GST- Input Tax Credit and Utilization highlights: (a) Definitions of Input tax credit, Input tax, Input, Input services and Capital Goods. (b) Eligible Input tax credit and illustrative list of expenses (c) Taxes paid on supply of goods or services which are not eligible for input tax credit (d) Conditions to be fulfilled for availing ITC (e) Time frame for availing ITC(f) Manner of utilization of IGST, CGST, SGST/UTGST seperately in view of section 49 and newly inserted sections 49A and 49B of CGST Act, 2017 and rule 88A of CGST Rules, 2017 along with illustrations.
GST on Real Estate under new regime from 01-04-2019 & Reversal of ITC for supply which has time of supply after 31-03-2019 GST Council in the 34th meeting held on 19th March, 2019 at New Delhi discussed the operational details for implementation of the recommendations made by the council in its 33rd meeting for lower […]
Indirect taxation and the Real Estate Sector have an unusual bond right from the earlier days when the tax on the said sector was imposed for the first time. The bond is unusual due to the fact that it involves the supply of goods, services as well as immovable property.
Brief Background of Input Tax Credit and it’s provision Input Tax Credit “Input Tax” in relation to a registered person, means the central tax, State tax, integrated tax or Union territory tax charged on any supply of goods or services or both and includes 1. the integrated goods and services tax charged on import of […]
Utilisation Of ITC Sequence In GST Act- Circular No. 98/17/2019-GST Dt.23-04-2019 RECENT CHANGES & CLARIFICATIONS ON SEQUENCE OF ITC UTILIZATION After introduction of section 49A in CGST Act, 2017 by amendment in CGST Act through CGST (Amendment) Act, 2018 a confusion arose due to new sequence of setting up ITC sequence which was earlier already […]
The Government has issue a clarification on manner of utilizing input tax credit w.e.f. 29.03.2019 [As clarified by CBIC Circular No. 98/17/2019-GST dated 23.04.2019] because GSTN does not have updation for the new manner of taking credit.
Interest Whether on Gross or Net GST Dues?? HC Ruling and Additional Contentions 1. Recently, Telangana High Court in the case of Megha Engineering & Infrastructures Ltd. v. The Commissioner of Central Tax and others (Writ Petition No. 44517 of 2018) held that in the event of the delayed filing of the return, the interest […]
The registered taxpayer under GST is very much concerned about the ITC utilization rules since dealing with three types of ITC i.e. ITC of IGST, CGST and SGST. The taxpayer has already seen various amendments in the utilization rule which directly affects its finance. The amendment in ITC utilization rule, vide insertion of section 49A, […]
Manner of ITC Reversal of Common credit of Input and Input Services In GST Law provision has been made for reversal of ITC of Common credit of Input and Input Services used commonly between Taxable Business Supplies, Non business Supplies and Exempt Supplies . Below is the clarification with example on the relevant provision:- Common […]
