Goods and Services Tax : Understand the new GST adjudication process under Section 74A for determining tax, interest, and penalties from FY 2024-25 onwards...
Goods and Services Tax : Budget 2024 introduces new sub-sections in Section 16 of CGST Act to regularize Input Tax Credit claims past the deadline, aiding ...
Goods and Services Tax : Understand Input Tax Credit (ITC) under GST: Learn about eligibility, conditions, and types of ITC. Stay updated with latest amend...
Goods and Services Tax : Understand the time limit to avail Input Tax Credit (ITC) under Reverse Charge Mechanism (RCM) and the implications for registered...
Goods and Services Tax : Explore the nuances of input tax credit under GST and its commercial expediency, drawing parallels with income tax jurisprudence a...
Goods and Services Tax : Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC co...
Goods and Services Tax : CBIC detected Rs. 36,374 crore worth of fake ITC in FY 2023-24 involving 9,190 cases. Key measures and data on ITC fraud detection...
Goods and Services Tax : Join our live webinar on Block Credit in GST u/s 17(5) to understand ITC, eligibility criteria, and critical provisions. Expert in...
Goods and Services Tax : Meerut CGST Commissionerate exposes a syndicate claiming fraudulent Input Tax Credit of over Rs. 1,000 crore through 232 fake firm...
Goods and Services Tax : Explore the limitations and settlements regarding GST input tax credit, including late fees, penalties, and recent amendments. Dis...
Goods and Services Tax : Rajasthan HC rules on N.H. Lubricants case involving fake firms and ITC claims. Court directs petitioner to seek alternative remed...
Goods and Services Tax : Delhi HC upholds provisional bank account attachment in ITC fraud case. Petitioner failed to prove attachment was unwarranted. Cas...
Goods and Services Tax : Madras High Court orders reconsideration of Silk Junction vs Deputy State Tax Officer case over GSTR 1 and e-way bill mismatch....
Goods and Services Tax : Read the Madras High Court's judgment restoring GST registration due to COVID-19 and ill-health reasons, setting conditions for co...
Goods and Services Tax : Delhi High Court permits Steelmart India to contest GST show cause notice (SCN) despite not receiving the memo, addressing allegat...
Goods and Services Tax : Clarification on the availability of input tax credit for ducts and manholes used in optical fiber cable networks under CGST Act, ...
Goods and Services Tax : Clarification on ITC entitlement for insurance companies on motor vehicle repairs under reimbursement claim settlement as per CGST...
Goods and Services Tax : Explore the detailed minutes and recommendations from a recent Grievance Redressal Meeting chaired by the Principal Chief Commissi...
Goods and Services Tax : Catch up on the latest CBIC updates including legacy cases, gold smuggling bust, GST fraud crackdown, and inspiring achievements. ...
Goods and Services Tax : Understand the procedures for voluntary tax compliance under Sections 73 and 74 of the KSGST Act, 2017. Detailed analysis of Circu...
The reversal of input tax credit of GST refers to the situation where a business needs to reverse the credit of the input tax that they have claimed earlier.
Under Sections 73(1) and 74(1) of CGST Act, proceedings can be initiated for mere wrong availing of Input Tax Credit followed by imposition of interest penalty if such credit was not only availed but also utilised for discharging tax liability.
Understand when Input Tax Credit (ITC) reversal is necessary in GST, including situations like failure to pay consideration, exempt supplies, and blocked credits.
Issue before CESTAT was regarding justifiability of demand of service tax raised on Assessee disallowing credit availed on input service attributable to quantity of iron ore fines and coal fines cleared by Assessee.
As per provisions of Section 16(2)(c) of CGST Act read with PGST Act, the purchaser is not entitled to claim Input Tax Credit on the purchases made by it from the seller who had discharged its tax liability but the preceding seller has not discharged its liability under the Act
HC permitted assessee to rectify error of mentioning B2C instead of B2B in Form GSTR-1 at the time of filing of returns, holding that assessee would be prejudiced if it is not allowed to avail benefits of ITC
Assessee directed by Madras HC to file representation for release of blocked funds w.r.t. alleged non-payment of GST & excess ITC availment
Input tax credit is not eligible on an inward supply which is held by the High Court as being neither a supply of goods or service.
NEW Rule 37A prescribe mechanism for reversal of ITC by a registered person in event of non-payment of tax by supplier by a specified date and mechanism for re-availment of such credit
The impact of credit note & their amendments will now be auto-populated in Table 4(A) instead of Table 4(B) of GSTR-3B. In case the value of credit notes becomes higher than sum of invoices and debit notes put together, then the net ITC would become negative and the taxpayers will be allowed to report negative values in Table-4A. Also, taxpayers can now enter negative values in Table 4D(2) of GSTR-3B.
