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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.
Delhi high court has given relief to all those taxpayers who were not able to get their registration done under the GST scheme while at the time of implementation.
Recently, the Gujarat high court rules out that the ITC not claimed earlier, can now be claimed till 31st March 2019. The decision came aboard after the high court accepted a petition.
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.
The deadline for filing summary sales return GSTR-3B for the month of September has been extended five days i.e. till October 25, 2018 by Finance Ministry.
Indian companies are confused on how to claim hundreds of crores ITC for the previous financial year under GST reign that might be lost if they fail to verify the claim with vendor returns.
A very significant month has arrived for all the taxpayers under GST i.e. September as it will be the last month for the taxpayer to claim any pending credits for the invoices issued between 2017-18 time period and to rectify any error in the return form of the year.
In a ruling made recently, the Maharashtra Appellate Authority for Advance Ruling for Goods and Services Tax (AAAR-GST) has decided that Input Tax Credit (ITC) is not available to CMS Info Systems on purchase of motor vehicles for the sole purpose of carrying cash to be used by cash management companies and supplied as scrap thereafter.
Global locomotive maker which have put billions of dollars for Make in India programme of the government railways such as Alstom, Bombardier, and GE has sought to influence the finance ministry for the challenges faced under the new Indirect tax regime.
