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The National Restaurant Association of India (NRAI) mentioned yesterday that the restaurant sector wants to bring back the input tax credit benefits under Goods and services tax and furthermore tries to remove the number of licenses necessary for running a restaurant.
An educative seminar on recently implemented Goods and Services Tax (GST) Regime has been organized by MIDC Industries Association (MIA) for the members of the association.
Input tax credit is considered very significant for every business unit which are always in the need to invest in the business in the manner of capital.
GST the goods and service tax is a reformative financial taxation scheme introduced in Indian constitution recently for structuring all the business units into the database of tax paying organization with equal consideration. The goods and service tax are implemented to subsume all the indirect taxes.
Input tax credit in GST, As defined by section 2 (57) of the MGL (Model GST Law) and section 2 (1) (d) of the IGST Act, Input tax is related to a taxable entity which means the (IGST and CGST) in respect of CGST Act and (IGST and SGST) in respect of SGST Act is levied on every supply of goods or any services on the entity which is used by it or which is intended to to be consumed in the course of the business and subsumes the tax payable under sub-section (3) of section 7. In a simple way, input tax credit defines that an entity can reduce the taxes it paid on the inputs at the time of paying the taxes on output.
The Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has ruled that cement manufacturers are authorized to cenvat credit on welding electrodes as inputs used in the manufacture of final products, namely cement and clinker. The bench of Binu Tamta (Judicial Member) has marked that according to sub-rule 4 of Rule 57-A […]
Goods and Services Tax (GST) has been praised by the Finance Ministry which marked 7 years of its incorporation and mentioned that the same has drawn relief to the households via diminishing the taxes on significant items such as household appliances and mobile phones. Established on July 1, 2017, GST replaced around 17 local taxes […]
Clarification concerning GST liability and input tax credit (ITC) availability in cases of Warranty/ Extended Warranty, in furtherance to Circular No. 195/07/2023-GST on 17.07.2023 has been issued by the Central Board of Indirect Taxes and Customs (CBIC). Circular No. 195/07/2023-GST dated 17.07.2023 clarified specific issues concerning GST liability and availability of input tax credit (ITC) […]
In the matter of “In re EFC Logistics India Pvt. Ltd. (GST AAR Odisha),” M/S EFC Logistics India Pvt Ltd (after this referred to as the ‘Applicant’), filed an application for an advance ruling u/s 97 of the CGST Act, 2017, and the related section of the OGST Act. The petitioner is a Goods Transport […]
