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...
Concerns regarding last date by which everything wrongly done under GST can be undone and every thing which is not done can be done, are looming large midst the professionals facing heat at the crest of their tax audit assignments. This is a comparative view of different provisions of the GST law dealing with the subject so that a considered view , even it at cost of being fair and not correct, may be taken.
CBIC press release dated 18th October 2018 on Last date to avail Input Tax Credit in respect of invoices or Debit Notes relating to such invoices pertaining to period from July, 2017 to March, 2018.
Considering the first year of implementation of GST, major challenge is being faced by the Industry Inc in availing GST input tax credit (ITC) for the financial year 2017-18 after implementation of GST (i.e. July 2017 to March 2018) and lot of divergent views are floating with respect to the last date till which such […]
ICAI Requesed Government for permitting availment of input tax credit under GST pertaining to Financial Year 2017-18 till 31st December, 2018
A common query many people have in their minds which seems to get more and more complicated as different businesses with different situations think over it. This confusion is none other than the very usual mistake of missing out on taking Input Tax Credit. The problem apparently seems to get worse when this missed ITC is of the previous financial year whose books of accounts are closed, finalized and audited from Income Tax Act and Companies Act point of view.
1. GST Refund of unutilized or accumulated ITC Refund of unutilized or accumulated ITC is allowed only in following two cases: a. Zero rated supplies made without payment of tax Zero rated supply of goods or services or both under bond or Letter of Undertaking. Input procure in respect of such supply is not utilizing […]
As per Section 17 (1) of CGST Act, a registered person can take input tax credit on inputs or input services or both only when they are used for his business purpose only. If they are used partly for business purpose and partly for other purposes, then the input tax credit is available only to […]
Ranjeet @ Ranjeet Singh Vs Union of India (Allahabad High Court) Supplementary counter affidavit filed by the learned counsel for the complainant today in the Court is taken on record. Heard Sri Satya Dheer Singh Jadaun, learned counsel for the applicant and Sri B.K.Singh Raghuvanshi, learned counsel for the complainant and Sri Abhinav Prasad, learned A.G.A. […]
Introduction: There is diverse interpretation in industry with respect to clauses for restricted input tax credit (ITC) under section 17(5) of Central GST Act, 2017. This article intends to put some light on one of important clause dealing with personal consumption with some legal precedent from erstwhile indirect tax regime. The relevant extract of legal […]
Section 17(5) of the Central Goods and Service Tax Act 2017, says that notwithstanding anything contained in section 16(1) or section 18(1), input tax credit shall not be available for certain inputs or input services.
