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The department would have initiated providing the notices and asking for the details by comparing the information shown in GSTR 9/9C Vs GSTR 3B. Acknowledging distinct amendments in the GST law in the recent former time. The article discusses furnishing transparency on annual returns (Form GSTR 9) filing and reconciliation statement (Form GSTR 9C) including […]
The Central Board of Indirect Taxes and Customs (CBIC) specified the way of processing and sanctioning IGST refunds, upheld for clause (c) of sub-rule (4) of rule 96, transmitted to the jurisdictional GST authorities under sub-rule (5A) of rule 96 of the Central Goods and Service Tax Rules, 2017. Under the rule, CBIC laid on […]
The Bombay High Court stated that notification no. 79/2017-Customs on October 13, 2017, revising notification no. 16/2015-Customs and granting exemption from IGST to the capital goods imported beneath the export promotion capital goods scheme (EPCG scheme) clarified and corrective. The division bench of Justice K.R. Sriram and Justice Arif S. Doctor rendered the department to […]
The Telangana Appellate Authority for Advance Ruling (AAAR), on the medical insurance taken to furnish health insurance to employees, pensioners, and their family members carried that no exemption in GST is there. The bench, Neetu Prasad and BV Siva Naga Kumari have found that the insurance services for employees and their family members obtained via […]
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 […]
The Supreme Court held that Section 194H of the Income Tax Act, for the case of Supplementary Commission amounts made via the travel agent, and hence the Airlines would obligate to deduct TDS on the same concern. The bench consisting of Justices Surya Kant and MM Sundresh sustained the Delhi High Court judgment and overruled […]
Beneath the GST evasion problem the insurance industry would be asked before the government to resolve the problems. A top representative team that comprises some of the CEOs of leading private sector general insurers has already met Tarun Bajaj, retiring Revenue Secretary, Ministry of Finance (MoF), the representatives of life insurers are preparing to meet […]
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 […]
