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The GST law would pose the major purpose of the tax which is to get collected merely on the value-added. A method is there in India via which the tax suffered at the before time would be permitted to get lessened from the tax subjected to get paid on the supplies. The same prevents the […]
The Maharashtra Authority of Advance Ruling (AAR), no Input Tax Credit (ITC) is available on goods and services used for the construction of the pipeline that has been laid outside the factory. The two-member bench of M. Rammohan Rao and T.R. Ramnani sees that, under the explanation to Section 17 of the GST Act, “plant […]
With the new technology upgradation, the income tax department upgraded its systems, and the assessee in the country pays their tax online from their homes or offices. Through the start of the e-pay tax feature, the council makes the process easier. The same utility supports the assessees to incur their payments via the internet through […]
The Central Board of Indirect Taxes and Customs (CBIC) published a thorough explanation on submitting information regarding the reversal ITC and ineligible ITC as well in August 2022. State GST authorities have asked assessees to furnish true and proper details of ineligible Input Tax Credits (ITC) and reversals. This is significant since the GST return […]
Usually, companies take the risk of losing the tax credits (TDS and TCS) because of a lack of regular reconciliation between books of accounts and government records Form 26AS. The year-on-year TDS credit lock-up is directed to inefficiencies in the working capital, which would be the major subject to think about for CFOs and tax […]
The Madras High Court ruled that the last date to upload GST TRAN 1 for pursuing credit and correction of the credit should not be the same. The applicant, M/s.Interplex Electronics India Pvt. Ltd has strived for the respondents to credit the amount, for the input tax credit (ITC) of Rs. 16,21,227 and Rs. 4,24,136 […]
In the recent ruling by the AAR, there is a lot of relief for all the corporate individuals as well as for the companies as now the tax credit on the goods and services tax can be availed on the upfront lease premium. In the previous scenario, the same was not allowed to be taken. […]
The Comptroller and Auditor General (CAG) suggested that the indirect tax department must finish the verification of the transitional credit permitted beneath the process of GST. Since it is the GST transition part that was incorporated from 1st July 2017, assessees were permitted to furnish the GST Form TRAN-1 and claim for the tax credit […]
In times of pandemic, the realty sector has suffered the most and the sales of the relevant sector have also been affected. Also, several GST issues have been faced by the real estate sector in India. These issues are stopping better compliance communication with the new indirect taxation system. Below is the list of all […]
