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The Central Board of Indirect Tax and Customs (CBIC) declared clarification on the distribution of the Input Tax Credit for the cases of business reorganization like a merger, demerger, amalgamation, change in constitution or change in the ownership of the business mentioned under section 18 (3) of the Central Goods and Services Tax (CGST) Rules […]
In India, Reversal of the ITC is a common term under the Indirect Tax Regime. Not only India, but other countries as well are aware of this term. Like when we talk about Malaysia Reversal of the ITC is there too. In India, we also have an ITC reversal process to avoid cases like deprivation […]
The GST council took a significant step towards easing the input tax credit utilization mechanism by allowing the company to take credit of IGST paid to set off the liabilities of SGST and CGST in whichever proportion or the order they feel suitable. Earlier there were some restrictions on using the input tax credit under […]
The Commerce minister Suresh Prabhu on Wednesday made an appeal to the Finance Ministry that the process of refund of GST input tax credit should be made online.
Currently, the investigation has been done by the tax officials under which the officials have observed that the pharmaceutical companies have claimed the input tax credit (ITC) for free samples being offered by them as a promotional activity.
The GST department of the Haryana region has recently issued circular mentioning that all the field officers must hold and block the input tax credit pertaining to certain conditions.
In the recent AUTHORITY FOR ADVANCE RULINGS, ODISHA bench, it was taken as a decision that the input tax credit claims will be allowed for all the properties having maintenance as a part of the business.
It will be accounted as the last chance to rectify or correct any errors in the bill or GST return filing as 20th September is the last date for correction of all the errors including of missed claiming of ITC.
Hence, traders and business owners are now setting aside funds to cover risks and ensure frictionless business operations which in all probability may be hampered by the freezing of their input tax credits.
