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No credit notes were issued under section 34 of the Central Goods and Service Tax Act, 2017 at the time of returning the goods without obtaining them via the receiver, Madras High Court (HC) ruled. Under Section 34 of the CGST Act, 2017 Purpose of Credit Note / Debit Note is functional merely if the […]
On 25th August, the Supreme Court issued the notice for the two identical writ petitions that have been filed under Article 32 of the Constitution of India, contesting the constitutional validity of multiple provisions of the Central Goods and Services Tax Act, 2017 (CGST Act) including Section 69 (i.e., power to arrest), 70(1) (i.e., power […]
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 […]
Input Tax Credit (ITC) is eligible on GST paid for inward supply for fixing of plant and machinery to earth by foundational or structural support towards making the outward supply of goods, Rajasthan Bench of the Authority for Advance Ruling (AAR) witnessed. The petitioner, M/s Uvve Glass Private Limited, seeks for advance ruling on whether […]
The new guidelines would have been furnished by the Central Board of Direct Taxes (CBDT) on how the tax exempted maturity amount via the life insurance policy shall get computed in the fiscal year when the premium filed would be more than the particular level. Under the new rules, the maturity amount via the life […]
According to a report from the Finance Ministry, the Goods and Services Tax (GST) has maintained parity with personal income tax as a percentage of GDP. This is attributed by economists to consumer demand, compliance, and maybe some effects of inflation. Another opinion holds that this tendency is not ultimately resulting in a system of […]
Real businesses are suffering despite the taxmen busting the networks of bogus entities and fake ITC claims that proceeds with hundreds of crores of rupees. Between the filings of the buyer and seller, the GST data mismatch restricts the buyers to claim the input tax credit. ITC stands for Input Tax Credit, a credit for […]
On August 4, 2023, the Central Government vide notification no. 38/2023 has told the Central Goods and Services Tax (CGST), the rules of 2023. Certain rules would have been revised and also inserted new ones. A new rule 88D would have been inserted into the CGST rules through the same revision which describes the way […]
At present, natural gas is not included in the GST regime. It should either be taken under the GST regime or it would be considered for getting the input tax credit (ITC) upon the tax paid on its purchase even if it is under the VAT regime. Senior tax consultant Amit Dave, speaking at a […]
