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In a meeting with the CBIC chairman, FMCG, along with executives from consumer-facing industries, sought the government’s assistance in tracking the costs post the new goods and services tax (GST) rates that came into force, to ensure that consumers receive the benefits. Many executives requested that CBIC issue directives to all FMCG firms to execute the rate […]
India’s Goods and Services Tax (GST) system includes a feature known as Input Tax Credit (ITC). This mechanism allows businesses to avoid paying tax on inputs where tax has already been paid, thereby reducing their overall tax burden. However, since companies must comply with specific rules and deadlines, they often face challenges in consistently monitoring […]
The Rajasthan Commercial Taxes Department has issued Circular No. F.17 (134) ACCT/GST/2017/547, dated August 12, 2025, directing strict verification of Input Tax Credit (ITC) claims for businesses obtaining GST registration after the prescribed 30-day period under the CGST/RGST Act, 2017. Taxpayers u/s 25 of the RGST Act should apply within 30 days from the date […]
In a key development for India’s renewable energy and manufacturing sectors, the Tamil Nadu Authority for Advance Ruling (AAR) has determined that Kanishk Steel Industries Limited, a prominent steel manufacturer is not eligible to claim Input Tax Credit (ITC) on goods and services used solely for the operation and maintenance of its 10.2 MW solar […]
The Bombay High Court has resolved the case of Sai Service Private Limited against the Union of India regarding the availability of Input Tax Credit on demo vehicles under the GST Act. The matter became moot following the issuance of GST circular number 231/25/2024 by the CBIC on September 10, 2024. The circular validated that businesses like […]
In this article, SAG Infotech has added the benefits and critical challenges that taxpayers may encounter while re-filing their GSTR 3B form. This form is used for reporting monthly sales and purchases to the government. The GST department has sent an advisory to the particular taxpayers for the first opportunity provided to rectify the errors […]
the National Restaurant Association of India appealed to the government to reinstate input tax credit for restaurants. Additionally, they recommended an increase in the GST rate existing 5% to 12% in anticipation of the upcoming Union Budget. In a letter addressed to Finance Minister Nirmala Sitharaman, the National Restaurant Association of India emphasized the need […]
The Supreme Court bench, comprised of Justice B.V. Nagarathna and Justice Ujjal Bhuyan, in the landmark ruling, has allotted the Kerala State Cooperative Agricultural and Rural Development Bank (KSCARDB) the 80P deduction benefit under the Income Tax Act, 1961. The taxpayer/petitioner, in brief, stated that Kerala State Cooperative Agricultural and Rural Devt Bank is a […]
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.
