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A report released by Federation of Indian Export Organisations (FIEO) reveals that the government owes more than Rs 20,000 crore in GST refunds, of which half the amount is pending as input tax credit.
The provisions of ITC or Input Tax Credit under GST is at the centre of a major scam. Some businesses were prospering buy issuing fake GST bills or invoices. In the process, the businesses ended up gobbling a whopping amount of Rs 450 crore as part of the liable ITC.
The Consumer Welfare Fund was formed under The Central GST Act. The GST law is hard on anti-profiteers. Profits made from input tax credits under the new indirect tax law have to be passed on to the end consumer.
In a drastic turn towards uncertainties, this time a Mumbai based tube and pipe manufacturer company has filed a written petition against the central government and goods and services network (GSTN) for allegedly changing the input tax credit claim figures.
The government authorities have clarified that the mess facility which is provided to staff or students will continue to be taxable at 5 percent without any input tax credit.
The business which has not got input tax credit (ITC) on provided services or on a closing stock is eligible to claim a credit under before GST implementation regime, without concerning whether they are registered taxpayers or not under this newly implemented indirect tax regime.
In a lieu to aware businesses about wrongful conduct in input tax credit claim, the Finance Ministry requested the businesses to relook at the claims from earlier tax regime
The GST Network (GSTN) portal is managing all of the IT functions relating to taxes such as filing returns, registrations, invoice details, input tax credit (ITC) and it is a non-profit, non- government organization.
The GST TRAN 1 form is transition form for the already registered taxpayers in old schemes who are filing the GST TRAN -1 form for availing their previous input tax credit accumulated from earlier purchased stock before the implementation of the GST.
