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The Government has notified that under the GST regime, the banks will have to pay a 3 percent tax, in the form of IGST, on the imports of gold and precious metals, which will be available to be claimed as input tax credit.
It is a difficult time for numerous sectors across the nation as the GST is trying to cover up all those into strict compliance. With this into effect, the bicycle industry is also under the problems of tax rates and input tax credit all at once.
Reverse charge is a mechanism under which the recipient of the goods or services is liable to pay the tax instead of the provider of the goods and services. Under the normal taxation regime, the supplier collects the tax from the buyer and deposits the same after adjusting the output tax liability with the input tax credit available. But under reverse charge mechanism (RCM), liability to pay tax shifts from supplier to recipient.
Engineering Export Promotion Council of India (EEPC) has come up with issues which are not adjustable with context to the classifications of goods and several input tax credit anomalies.
The tourism industry is going in a miserable position as many of the expectations are sticking towards the upcoming GST. As speculated the GST council fixed tax rate over the hotel and tourism industry close to 28% along with full input tax credit return which is considered very high in terms of the highly volatile market.
All under-construction properties will invite a GST of 5 per cent with no input tax credit. However, GST will not be applicable to ready-to-move-in properties.
The Kerala High Court, in a ruling, held that input tax credit for FY 2019–20 cannot be rejected on the ground of late filing of GST returns if the return was filed before the cut-off date of 30 November 2021, as stipulated under Section 16(5) of the Central Goods and Services Tax Act (CGST). The […]
GSTN has issued an important advisory on interest computation and related enhancements in GSTR-3B, effective from the January 2026 tax period onwards. A new interest computation procedure has been rolled out under the same revisions that permit the auto-population of tax liability breakdowns, enhance the sequence for using input tax credits (ITC), and provide for […]
The petitioner, Anil Kumar, the proprietor of N.S. Super Mart contested a Show Cause Notice (SCN) on December 15, 2023. Subsequently, an order-in-original was issued on April 3, 2024, under the Delhi GST law. The GST SCN proposed a tax demand of ₹10.91 lakh, citing alleged excess Input Tax Credit (ITC) due to discrepancies between […]
