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The AAR, Gujarat, towards the case of M/s Bayer Vapi Private Limited [Ruling No. GUJ/GAAR/R/2023/29 dated August 24, 2023] directed that the transferee attaining the rights of the lease for construction of the immovable property is not allowed to take ITC of the Goods and Service Tax (“GST”) filed via them on the services obtained […]
The Authority for Advance Rulings (AAR) has clarified that employers in Tamil Nadu can now avail of ITC on the Goods and Services Tax (GST) paid for leasing vehicles used to transport women employees during nighttime and early morning hours. This ruling is particularly relevant in states where employers are required to provide transportation to […]
To simplify and improve transparency in India’s taxation system, the Goods and Services Tax Network (GSTN) has introduced a new ledger called the Electronic Credit Reversal and Re-claimed Statement (ECRRS). This ledger allows taxpayers to easily track the reversal and reclamation of Input Tax Credit (ITC) on a specific date. This change is in response […]
The taxpayer/applicant has been permitted to upload ITC-01 to enable him to avail of Input Tax Credit for shifting from the Composite Scheme to the Normal Scheme, Allahabad High Court rendered. The petitioner was originally enrolled in the Composition Scheme for the fiscal year 2022-23. However, due to a rise in their turnover during that […]
The GST branch of Kerala has declared the introduction of Standard Operating Procedures (SOPs) to track taxpayers’ corrections of improper IGST Input Tax Credit (ITC) reversals by using the GSTR-3B form. A streamlined summary tax return form GSTR-3B, enables taxpayers to report the total unpaid GST liabilities for a particular tax period. It is mandatory […]
In a recent decision, the Gauhati High Court made it clear that railways can not refuse GST reimbursement due to pricing variations just because the payment of output tax was carried out through an electronic credit ledger and using Input Tax Credit (ITC) under the GST Act. The single-judge bench, chaired by Justice Devashis Baruah […]
The Authority for Advance Ruling (AAR), Telangana recently made the announcement stating that Duty Credit Scrips should not be considered as part of the value of exempt supply when calculating GST Input Tax Credit (ITC) reversal. The ruling came in response to an application filed by M/s. Kaveri Exports is a company involved in exporting […]
GST council in its forthcoming meeting dated 11th July would seem to address and authorize the revisions in the mechanism to fetch the bogus ITC claims. The revisions would have the listing of the risk profiling parameters of the entities comply with the physical verification. The GST Council will need to approve any modifications to […]
On Wednesday, Sanjay Kumar Agarwal, a member of the CBIC, stated that additional efforts are required to get a solution for fake GST input tax credit (ITC) generators from the system in order to stop tax evasion and boost GST collection. He said that the government has taken a number of measures to deal with […]
