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Ahead of the fourth GST Anniversary on July 1, the Industry regulatory body ‘PHD Chamber of Commerce’ has voiced an opinion that the buyer should be permitted to claim credit for taxes even if the supplier has been the defaulter in payment of GST. The PHD Chamber of commerce also said that during a meeting […]
Recently Section 16(2)(aa) on Input Tax Credit has been added by Finance Bill. And the implication of this insertion is that it has empowered already existing Rule 36(4). The reason for inserting 16(2)(aa) is being that Rule 36(4) was weak and so, has been challenged before various Authorities & High Courts many times. Consequently, there […]
The Input Tax Credit (ITC) under the mechanism of Goods and Service Tax plays a crucial role for a business and if it is mismanaged, it might adversely affect its working capital. And The GST Act 2017 has laid down a set of rules for claiming and utilizing ITC by every taxpayer. Basics of Input […]
This phenomenon is a sensitive and burning issue in the GST since its inception and implementation in the year 2017 “Whether the recipient are required to reverse their Input Tax Credit (ITC) due to mismatch of 2A or due to non-submission of GSTR 1 or GSTR 3B by supplier” As per Section 16 (2)(c) of […]
In another breakthrough, The Madras High Court has recently passed a ruling that shall be a lesson for those sellers who escape from paying that tax which buyer has paid, but the seller has not deposited in government exchequer. It is a relief for genuine buyers also. As per the contemporary GST law, buyers can […]
In order to curb the sudden rise in fake ITC cases, The Punjab and Haryana High Court has rejected the petition for the grant of bail of the petitioner. “The petitioner Mohit Bathla had prayed for granting regular bail for offence as per Section 132(1)(b) and 132(1)(c) that is punishable as per Clause L(i) of […]
The Central Board of Indirect Taxes and Customs (CBIC) has circulated the ‘advisory’ regarding the implementation/execution of PMT-03 for re-crediting the Input Tax Credit (ITC) that has been approved as a refund. The Board has Highlighted the following Notification: “Notice bearing number16/2020-Central Tax dated March 23, 2020, through which sub-rule4 A has been added in […]
Beneath the goods and services tax (GST) regime the Contradictory corporate social responsibility (CSR) judgments by the Authorities for Advance Ruling (AARs), have made confusion inside the private players who had been not happy with the laws. In recent times the Uttar Pradesh AAR ruled that CSR has to spend through the firms is liable […]
As per the ruling of West Bengal’s Authority for Advance Ruling (AAR), selling and serving eatables within the office premises is not subject to the benefit of Input Tax Credit (ITC). However, selling eatables and sweets within the office premises for consumption outside office premises is subject to the benefit of Input Tax Credit (ITC). […]
