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The Input Tax Credit (ITC) under the mechanism of Goods and Service Tax plays a crucial role for a business and if it is mismanaged, it might adversely affect its working capital. And The GST Act 2017 has laid down a set of rules for claiming and utilizing ITC by every taxpayer. Basics of Input […]
The Central Board of Indirect Taxes and Customs, as per guidelines and instructions of the Government of India, has notified that the Land Owner Promoters can obtain GST paid to Developers on Sale of Land. Earlier, on May 28, 2021, a 43rd GST council meeting Smt @nsitharaman will chair the 43rd GST Council meeting via […]
The GST council, in a recent meeting, has put a clarification on the grey area that annuity paid for ‘service provided in the form of access to a road or a bridge shall be exempted from GST. In India and most of the developing economies across the globe, Road construction projects are operated by the […]
This phenomenon is a sensitive and burning issue in the GST since its inception and implementation in the year 2017 “Whether the recipient are required to reverse their Input Tax Credit (ITC) due to mismatch of 2A or due to non-submission of GSTR 1 or GSTR 3B by supplier” As per Section 16 (2)(c) of […]
The meeting of the 43rd GST council is scheduled for forthcoming Friday. Various stakeholders from the legislature and executive machinery shall participate in it. In addition, states shall also be represented in this meeting. It is much awaited as it shall deliver much valuable decision that includes but are not limited to. Merging GST Slabs […]
Inside the GST regime, one of the problems is if the credit can be refused to the purchaser of goods and services for the fault of the supplier for non-payment of taxes post to collecting the tax amount through the purchaser. Important Provisions Towards the ITC the major law is Section 16 of the CGST […]
GST revenues for March 2021, collected in April 2021, have shot up to a record high of Rs 1,41,384 crore —14% higher than that of the previous month even in the wake up of the second wave of the Corona pandemic. Thanks to GST’s foolproof mechanism that has led to a spurt in GST collection […]
In another breakthrough, The Madras High Court has recently passed a ruling that shall be a lesson for those sellers who escape from paying that tax which buyer has paid, but the seller has not deposited in government exchequer. It is a relief for genuine buyers also. As per the contemporary GST law, buyers can […]
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 […]
