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The Bangalore District Druggists and Chemists Association (BDCDA) is motivating and supporting the retailers to migrate from the composition scheme to the regular GST framework so that they can take GST Input Tax Credit (ITC) advantages and comprehensively integrate into the country’s requirements. We uplift the unorganised sector and are preparing a blueprint to deliver […]
During the period when the ministerial panel on GST rationalization is asking to ensure that the advantages of lower tax are moved on to consumers the life insurance companies have filed a petition against waiving off the term insurance policies from the levy. The life insurance industry has claimed that the move will result in […]
The Madras High Court ordered the GST Authority to permit for furnishing the amended Form TRAN-1 by beginning the GST portal as an advantage of Input Tax Credit (ITC) would not be disappointed on the basis of technicalities. The respondent, M/s.Bharat Electronics Limited had filed a claim for Input Tax / CENVAT Credit via filing […]
In order to curb the sudden rise in fake ITC cases, The Punjab and Haryana High Court has rejected the petition for the grant of bail of the petitioner. “The petitioner Mohit Bathla had prayed for granting regular bail for offence as per Section 132(1)(b) and 132(1)(c) that is punishable as per Clause L(i) of […]
The Finance Ministry has granted permission to the businesses to claim input tax credit benefit for the first financial year of Goods and Services Tax roll out, till March 2019.
N Jaideep Reddy, president of CREDAI Hyderabad, stated that subsequent reforms in the GST framework for the restoration of ITC are important to keep housing affordable and sustain demand in Hyderabad’s real estate market. Relief was provided through recent GST rationalisation, but the absence of GST input tax credit (ITC) continues to increase project costs, […]
In India, Input Tax Credit (ITC) is a crucial part of the Goods and Services Tax (GST) system. It allows businesses to reduce their tax liability on purchases by claiming credit for taxes already paid. However, businesses often encounter issues due to discrepancies between the ITC reported in GSTR-3B (the monthly summary return) and the […]
The Goods and Services Tax Appellate Tribunal (GSTAT), Principal Bench at New Delhi, has ruled that when a contractor voluntarily remits the residual input tax credit (ITC) advantage determined via the Directorate General of Anti‑Profiteering (DGAP) to its principal, no separate anti-profiteering action is needed under section 171 of the Central Goods and Services Tax […]
As per the circular issued by the government, the treatment of trade discounts and credit notes under the Goods and Services Tax (GST) regime; however, the experts caution that it may shift compliance and cash flow burdens onto FMCG distributors. Credit Notes and GST ITC According to GST circular 251, financial or commercial credit notes […]
