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The Central Board of Indirect Taxes and Customs (CBIC) specified that the entitlement of ITC in which the supply place is defined for the proviso to sub-section (8) of section 12 of the Integrated Goods and Services Tax Act, 2017. Under clause (a) of the mentioned subsection, the supply place of the services through the […]
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 […]
As per a recent ruling from the Maharashtra Appellate Authority of Advance Ruling (AAAR), the housing society is ineligible to claim ITC on contract services acquired from their designated contractor. This is due to the ineligibility of housing societies to claim ITC on repairs, rehabilitation and renovation work. A two-member bench comprising Ashok Kumar Mehta […]
In this article, we will learn and understand the complete process of the GST Input Tax Credit (ITC) reversal if in case the clients and the concerned parties miss the payments for more than 180 days or so. The post will take the sections and other major amendments in the provisions of the sub-sections. There […]
The Central Board of Indirect Taxes and Customs (CBIC) furnishes the notification to permit Input Tax Credit (ITC) claims and revisions of invoices till 30th November 2022. From the former week, a GST portal would have initiated permitting the revision concerned to the FY 2021-22 in Oct 2022 return duration. The same is with the […]
The Authority for Advance Rulings, Telangana (AAR) held that Input Tax Credit (ITC) could get claimed on Corporate Social Responsibility (CSR) Expenses for the case of M/s Bambino Pasta Food Industries Private Limited which is the petitioner. Petitioner seeks an advanced ruling if the GST ITC would be available on the expenditure of CSR that […]
The GST law execution in India would have been started through the narrative of national ambition and that of a global exception. To ease the whole GST framework for India Inc the government is enduring a lot via revising the reporting method to make the GST a Good and simple tax for exclusively non-compliant assessees […]
Central Board of Indirect Taxes and Customs (CBIC) has postponed the due date to avail the ITC for FY22 from October 20 to November 30, the same is decided towards the relief of the Goods and Services assessees during the festival season. The last date to provide the credit notes along with the declaration in […]
The Authority of Advance Ruling (AAR), Uttar Pradesh held that the service received for the promotional scheme does not qualify for the ITC. The Applicant, M/s Rodec Pharmaceuticals Private Limited, does the business of Trading Animal Health Products. The product groups are categorized into Antibiotic, Anthelmintic, and Analgesic & Antipyretic, Anti-Spasmodic, Ectoparasiticide, Feed Supplement, and […]
