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The industry has asked that interest be paid on the inappropriate input tax credit, which was profited however not used under the goods and service tax (GST) administration, be returned. Meanwhile, in the recent meeting, the GST Council liberated these credits from interest rates from July 1, 2017, when GST was entered. Although, it did […]
The latest feature has been updated on the GST portal in which the assessee can avail of the ITC despite it is not shown in GSTR-2A or 2B which is a bigger advantage to assessees. To support the importers of goods along with the recipients of the supplies via SEZ search bill of entry that […]
The West Bengal AAR held that the ITC is not permitted upon the invoices for Jan to March-2020 to which the supplier has filed the FORM GSTR-1 and FORM GSTR-3B. The applicant is the owner of Eastern Coalfield ltd which produces and supplies the coal and obtained the services from M/s Gayatri projects ltd and […]
The Haryana government has opted to revise the guidelines as well as software to make people avoid claiming the undue GST input tax credit (ITC) upon the grounds of the bills made excluding any real movement of goods. The state’s revenue loss in the recent scam of GST in Panipat district is more than Rs […]
The Central Board of Direct Taxes (CBDT) has decided to extend the due date deadlines for the financial year 2020-21 (AY 2021-22) income tax returns (ITR) due to the crash and glitches faced on the income tax website. As per the reports, 30th September 2021 is the last date for the ITR filing but now […]
The taxpayers claim the ITC and apart from that the liability also is declared and this is a comparison between the GST liability and the ITC. The taxpayers can have a look over the ITC comparison and the tax liability in the returns tab which gives the option to have knowledge of the month-wise tax […]
The income tax portal is the toughest interface between the income tax department and the assessee of the country. Besides allowing e-filing of the ITR for users the portal has been practised with the intention of executing the other work concerning tax assessments like monitoring the notice provided through the council, giving specific responses to […]
The goods and services tax till date needs rectification on a regular basis and the GST officials, GST council as well as GST department are always in a fix to make things work. Talking about a common problem in the GST related technical portal and working of the overall structure, there is the reconciliation and […]
Realtors council Credai urges for input tax credit (ITC) beneath GST guidelines and must permit the real estate builders to state that it can be directed towards the reduction of the cost by 10%. Credai, which has 13,000 members in real estate building, has sought the Union government to provide an input tax credit to […]
