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Recently the Maharashtra Authority for Advance Ruling (AAR) cleared out that the ITC of GST will not be available to the General Manager and Managing Director of the company in case of any hotel stay without rent.
The Finance Ministry has granted permission to the businesses to claim input tax credit benefit for the first financial year of Goods and Services Tax roll out, till March 2019.
CBDT (Central Board of Direct Taxes) Chairman Sushil Chandra said that the IT department has proposed an extra investigation to stop the outlay of money towards the fraud repay claims which are based on the corrupt investments as shown in the tax return forms.
The tax on the supply of goods or services or both is GST. The registered person who is involved in the export of goods or services or taxable supply or both can utilize qualified ITC on goods or services or both used in the development of the business.
Karnataka Commercial Taxes Commissioner M.S.Srikar said that the dealers in Bengaluru have reclaimed their input tax credit of approx. Rs 17.45 crore, after realizing that the claim made by them was based on false GST invoice.
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.
Recently the exporters charged allegation against the government for not clearing GST refund claims of around 22,000 crores as the finance ministry itself dismissed the facts stating them exaggerated and inaccurate.
DBB, a large FMCG sector company, has filed a petition in the Nainital Bench of the Uttarakhand High Court. The petition is regarding Dabur’s refusal to pay ITC under GST on goods manufactured in special exempted states during the VAT regime.
The current sorry state of the once flourishing Surat’s Textile Industry can be attributed to the policies of the State Government.
