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...
Hello friends greetings for the day, in the current article we will discuss about non availability of input tax credit under GST As per section 17 of CGST Act, there are certain conditions under which input tax credit is not available and we will discuss each and every scenario and exception thereto. As per Section […]
A normal belief in the industry today is that the input tax credit (ITC) in respect of invoices pertaining to FY 2017-18 needs to be claimed on or before the due date for filing of the current September month GSTR-3B return (i.e. 20th October). Is that so ? Let us explore.
In re Posco India Pune Processing Center Private Limited (GST AAR Maharastra) Q.1. Whether Input Tax Credit is admissible in respect of GST paid for hotel stay in case of rent free hotel accommodation provided to General Manager and Managing Director of the company? Answer:- Answered in the negative. Q 2. Whether invoice for quality claim […]
Rule of Lapse & September Rush A New Jargon For ITC Seekers Under GST Law- Union Budget is based on the Principle of Annuality’ i.e Parliament grants money to the Government of India for one financial year. If Grants are not utilised by the end of the financial year, the unutilised grants shall expire and restored to the Consolidated Fund of India. This practice is known as ‘Rule of lapse’.
CMA Krishna N. Chaubey The simple meaning of ITC (Input Tax Credit) is reduce your tax liability at the time of paying tax on supply or services but as prescribed in Central Good and Service Tax Act, 2017’ every registered person shall, subject to such conditions and restrictions as may be prescribed in the manner […]
Govt notifies Union Territory Goods and Services Tax (Amendment) Act, 2018 / UTGST (Amendment) Act, 2018 on 30th August, 2018 by which it amended section 7 and 9 of Union Territory Goods and Services Tax Act, 2017 and inserted new sections 9A and 9B. MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 30th […]
Govt notifies Central Goods and Services Tax (Amendment) Act, 2018 to notify amendments in Central Goods and Services Tax Act, 2017.
In re M/s Pasco Motor LLP (GST AAR Haryana) In case of invoices being raised by supplier in previous month and goods being received in the succeeding month, input tax credit on goods so received shall be available to the applicant, only when applicant has received the goods. The liability to pay tax shall arise […]
Calculation of Lapse of Credit for fabrics- Circular No. 56/30/2018 dated 24-08-2018 -354/290/2018-TRU The Tax Research Unit of CBIC has issued a circular to address the controversy arising due to lapse of credit in respect of fabrics vide Notification 20/2018 dated 26-7-18. The circular deals with calculation of ITC to lapse, impact of lapse of […]
If a taxpayer forgets to claim ITC in relation to a purchase invoice dated 23rd Dec 2017, then in such case he can claim ITC in relation to this invoice ,any time before filing of annual return or filing any return on or before the return of September month .It is to be noted that this credit can be claimed in any return but before filing September month’s return, As Annual return is not yet made available.
