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As the end of the financial year approaches, it is essential for businesses to ensure that they are complying with their Goods and Services Tax (GST) obligations. The GST system can be complex, with various rules and regulations that need to be followed, which is why having a checklist can be incredibly helpful. In this […]
The seamless flow of (ITC) is the foundation of a robust Value-Added Tax (VAT) architecture. Let’s suppose goods or services are purchased via company A whether a manufacturer, service provider, or trader, for the purpose of their business, vendors who imposed VAT would be available as a set-off to Company A for the adjustment against […]
It’s terrible news for the sector since the Supreme Court ruled that simply producing an invoice and a check payment is inadequate to claim ITC (Input Tax Credit). Analysts believe despite this order is concerned with problems under Value Added Tax (VAT) regime, but is likely to have an influence on GST also. The Assessing […]
According to the Delhi High Court, requests for Input Tax Credit (ITC) returns cannot be refused based only on suspicion and without any supporting documentation. The department was given the go-ahead to start processing reimbursement of Rs. 72,03,961/- based on the goods sent by the petitioner by the division bench of Justices Vibhu Bakhru and […]
The purchaser would not be qualified for claiming the ITC on the subject of purchases that the seller made, who would have released its tax liability, Punjab Authority of Advance Ruling (AAR) stated. No registered individual would be eligible to get the ITC for any supply of goods or services or both until the tax […]
According to officials, a gang of merchants who would set up fictitious companies to provide a legal cover for their unlawful trade in timber and related products and escape Goods and Services Tax (GST) amounting to crores of rupees have been caught by Uttarakhand tax authorities using digital tracking and electronic surveillance. According to them, […]
The GST Network (GSTN) announced a new GST portal option on February 25, 2023, allowing all Goods Transport Agencies (GTA) to choose to pay GST on a forward charge. The revision follows the CGST rate announcement number 3/2022, which was published on July 13, 2022, the previous year. In addition to the reverse charge option, […]
A person who is registered as a composition taxpayer cannot generate taxable invoices, collect GST from consumers, or claim ITC on purchases, according to the Central Board of Indirect Taxes and Customs (CBIC). The explanation came in response to a popular video showing a restaurant tricking patrons even though it was a composition taxpayer under […]
CBIC Chairman, Vivek Johri, for surging the base of goods and services tax (GST), the Central Board of Indirect Taxes and Customs (CBIC) shall utilize the information on electric meters and property tax. The GST tax base was between Rs 45 and 50 lacks when it was first introduced, but it is now Rs 1.4 […]
