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 : Explore challenges and solutions in GST Input Tax Credit reversal compliance, focusing on the intricacies of Section 15(3)(b)(ii) ...
Goods and Services Tax : Understand the Inverted Duty Structure in GST and how to claim refunds on unutilized Input Tax Credit (ITC). Explore detailed insi...
Goods and Services Tax : Explore how taxpayers can manage GST liabilities with Form GST DRC-20 under Section 80. Learn about instalment options, eligibilit...
Goods and Services Tax : Discover the challenges faced by dealers when GST ITC is blocked. Learn expert advice, legal insights, and potential actions to re...
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 : 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 : Explore how the implementation of GST in India has affected income inequality and living standards. Analysis of tax collection imp...
Goods and Services Tax : Understand GST ITC eligibility on wires/cables & equipment for electricity transmission. Detailed analysis of Gujarat AAR ruling o...
Goods and Services Tax : Explore the Madras High Court's ruling on Tvl. Moon Labels Vs Government of India regarding procedural errors in ITC transitioning...
Goods and Services Tax : Read the Madras High Court judgment allowing Ramco Cements to challenge GST orders on multiple issues, including tax on sale of se...
Goods and Services Tax : Bombay High Court rules on Konkan LNG vs Commissioner of State Tax case, denying GAIL subsidiary input tax credit for breakwater-w...
Goods and Services Tax : Read the Madras High Court's decision on GST non-reporting issues in monthly and annual returns, despite clerical errors claimed b...
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...
GST Rule 37 relates to Reversal of input tax credit in the case of non-payment of consideration of Invoice by a registered dealer to the supplier within 180 days period.
Stay updated on the latest GST changes and amendments till September 2022. Explore conditions for ITC in GSTR-2B, time limits for credit notes, and ITC availing modifications.
In the present case, he had been paid professional fee for uploading of the refund of Input Tax Credit. The petitioner and his co-accused Sunil Mahalawat were colleagues, as such the UDIN was borrowed by the petitioner from him for uploading and issuance of the CA certificate.
ACIT Vs LGW Industries Limited & ors. (Calcutta High Court) Hon’ble Division Bench of Calcutta high Court has dismissed the appeal of the department vide its judgment dated 16th September, 2022 in a dispute relating to denial of Input Tax credit due to cancellation of registration of supplier of goods with retrospective effect. Hon’ble single […]
Section 16 provides that no registered person shall be entitled to any input tax credit (‘ITC’) unless the stipulated conditions are specified. The said conditions relate to the possession of the valid document, furnishing of the details of the said document by the vendor, actual receipt of the goods or services or both, the actual payment of tax to the Government and filing of the return.
Since the onset of GST, businesses have been struggling to comply with the provisions seeking for the reversal of the ITC along with interest on the failure to pay the taxable value along with tax amount to the vendor within 180 days from the date of the issuance of the invoice.
As per pre amended rule 37 (3) interest was payable by the taxpayer as the provision of section 50(1) of the CGST Act whereas now only reference to section 50 has been mentioned in the post amended rule 3 (1).
section 41 of the CGST Act, 2017 provided that the ITC claimed by a taxpayer in GSTR 3B shall be provisional, until it is matched and finalised as per provision of section 42 & 43 and corresponding rules. However, this mechanism could never be implemented as GSTR 2 return was never filed.
Recently, section 50 of the CGST Act was amended retrospectively from 1.7.2017 to provide that interest will be charged on ITC wrongly availed and utilized. Prior to the amendment, interest was chargeable on ITC wrongly availed or utilized. Thus, interest was chargeable on ITC wrongly availed but not utilized.
Understand the implications of Section 17(5) of CGST Act, 2017 on Input Tax Credit (ITC) for motor vehicles. Explore scenarios where ITC is not available, such as works contracts, personal consumption, and gifts. Stay informed to optimize your tax credit utilization.
