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CGST Commissionerate, Navi Mumbai has busted a fake ITC racket of Rs. 10.26 Crores and arrested the proprietor of M/s. Al-Marwah Traders on Tuesday (8th February, 2022).
Whether Rajasthan Tax Board was justified in law in holding that respondent cannot be hold responsible for amount not deposited by selling dealer and allowed benefit of Input Tax Credit which ultimately will amount to double jeopardy to State as selling dealer has not deposited tax whereas subsequent dealer has claimed benefit of Input Tax Credit.
The wonder baby seamless flow of ITC which raised so many hopes and reduced the burdens, had been slowly placed into precarious health condition of late. On the Budget 2022 day it has been put on ventilator with no hope of recovery. The day when changes of Finance Act, 2022 are put into effect would be the date of death of seamless flow of ITC.
At the inception of GST, it was envisaged that there would be a seamless flow of input tax credit. But with the lots of conditions attached with availment of ITC, it doesn’t seem to be correct. There were the following four conditions primary to avail the ITC. 1. The recipient should have a tax invoice […]
CGST Mumbai South smashes a network of fictitious firms which generated fake Input Tax Credit of Rs 49 crores Officers of CGST Mumbai South has smashed a network of fictitious firms which issued fake invoices of Bullion of around Rs. 1650 Crores and fake Input Tax Credit (ITC) of Rs. 49.7 Crores and was remanded […]
Punjab & Haryana HC quashed the detention order and notice issued under Section 130 of the CGST Act, whereby the Petitioner’s goods were seized by the Authorities for the non-payment of tax by the supplier of goods.
Officers of CGST, Navi Mumbai have busted a racket which issued bogus invoices of Rs 60 cr and fake ITC of Rs 10.68 cr & arrested proprietor of M/s Navnit Steel on 02.02.22. He has been remanded to JC for 14 days by Judicial Magistrate. CGST Navi Mumbai Commissionerate busts fake ITC racket of Rs. […]
HC held that condition precedent for exercise of power under Rule 86A of the GST Rules is the availability of credit in the electronic credit ledger which is alleged to be ineligible. If credit balance is available, then the authority may, for reasons to be recorded in writing, not allow the debit of amount equivalent to such credit. However, there is no power of negative block for credit to be availed in future.
Article explains changes vide Union Budget 2022 related to Changes in Input Tax Credit, Additional Condition of taking Input Tax Credit, Auto generated statement – Input tax, Extension of Due date for availing ITC, Availment of input tax credit, Restriction on credit usage, Cancellation of GST Registration, Extension of last date for issuance of credit […]
In re Maanicare System India Private Limited (GST AAR Maharashtra) Question: – Whether the Applicant (Maanicare System India Private Limited) is eligible to take input tax credit on GST paid under Reverse Charge Mechanism @ 5% for hiring of buses for transportation of employees? Answer:- In the affirmative but only with effect from 01/12/2019. Section […]
