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The GST department of the Haryana region has recently issued circular mentioning that all the field officers must hold and block the input tax credit pertaining to certain conditions.
In the recent AUTHORITY FOR ADVANCE RULINGS, ODISHA bench, it was taken as a decision that the input tax credit claims will be allowed for all the properties having maintenance as a part of the business.
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.
Hence, traders and business owners are now setting aside funds to cover risks and ensure frictionless business operations which in all probability may be hampered by the freezing of their input tax credits.
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.
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.
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.
