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The Allahabad High Court’s recent ruling stipulates that an assessee is ineligible to claim input tax credit unless they successfully demonstrate unambiguous proof of the actual transaction and the physical movement of goods. Referring to Sections 16 and 74 of the UP Goods and Service Tax Act, 2017, Justice Piyush Agrawal stated that “it is […]
SAG Infotech’s online Gen GST software simplifies the accurate ITC process in the GSTR-3B form. This is a useful cloud-based tool for return filing.
The expenses excluding the goods and services tax levied via the developers that were utilized for the sake of supply to the apartments beneath the works contract service do not qualify to avail the ITC, Bangalore bench of Karnataka Authority for Advance Ruling (KAAR) ruled. The petitioner Vinod Kumari Goyal was a proprietary reference registered […]
The AAR, Gujarat, towards the case of M/s Bayer Vapi Private Limited [Ruling No. GUJ/GAAR/R/2023/29 dated August 24, 2023] directed that the transferee attaining the rights of the lease for construction of the immovable property is not allowed to take ITC of the Goods and Service Tax (“GST”) filed via them on the services obtained […]
The Authority for Advance Rulings (AAR) has clarified that employers in Tamil Nadu can now avail of ITC on the Goods and Services Tax (GST) paid for leasing vehicles used to transport women employees during nighttime and early morning hours. This ruling is particularly relevant in states where employers are required to provide transportation to […]
As per the GCCI, a technical glitch in the Income Tax filing portal has led to the income tax department sending notices to taxpayers concerning discrepancies in their returns. This has resulted in unwanted inconvenience to taxpayers. Chartered accountants engaged with the Goa Chamber of Commerce and Industry have found some cases where partnership firms, […]
Through the common GST portal, the (Goods and Services Tax Network) GSTN issued Advisory No. 601 on August 31, 2023, concerning the introduction of an Electronic Credit Reversal and Re-claimed statement. The government has released the notification about the changes to form GSTR-3B, specifically Table 4, to ensure accurate reporting of Input Tax Credit (ITC) […]
The applicant is engaged with M/s Gold Medal Electricals Pvt. Ltd. for purchasing various electronic products. The seller issues a tax invoice including charges of GST, calculated according to the provisions stated in Section 15 of the CGST Act, 2017. The applicant stated that the supplier has settled GST dues and duly filed GSTR-3B for […]
In the case of M/s. Aastha Enterprises Vs. State of Bihar [CWJ 10395 of 2023 dated 18th August 2023] Hon’ble Patna High Court held that Input Tax Credit (ITC) is a benefit or concession granted to the assessee under the statutory scheme, rather than a right conferred upon them. In the case of M/s. Aastha […]
