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Visakhapatnam ITAT on finding that there is no shortfall of TDS and the taxpayer is eligible to obtain credit of the entire amount, rendered the AO to allot the credit of the whole amount deducted as tax at source under section 194Q of the Income Tax Act. The Bench of Duvvuru Rl Reddy (Judicial Member) […]
The Delhi High Court in the case of M/S SETHI SONS (INDIA) Vs. ASSISTANT COMMISSIONER has permitted the GST Refund claim beyond the limitation time owing to a late filing because of GST Portal Glitches. The petitioner lodged this petition due to being dissatisfied with the refusal to refund unused input tax credit (ITC) gathered […]
Input Tax Credit (ITC) serves as a taxation mechanism, allowing businesses to offset taxes paid on inputs against the taxes due on their output. Essentially, it permits businesses to claim a credit for taxes paid on purchases, thereby reducing their overall tax burden. The limitations on Input Tax Credit (ITC) are detailed in GSTR-2B, Section […]
In a recent legal case, the Kerala High Court ruled in favour of the petitioner, Goparaj Gopalakrishnan Pillai, by stating that the excess Input Tax Credit (ITC) claimed in Form GST-3B, which was not reflected in GSTR-2A, should not be a reason for denying the right to claim Input Tax Credit (ITC). Mr Pillai, a […]
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 Reclaimed 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 Hon’ble Allahabad High Court in M/s Tikona Infinet Private Limited v. State of U.P. [Writ Tax No. 859 of 2023 dated July 25, 2023] set aside the need raised on the basis that the taxpayer rather than passing the Input Tax Credit (“ITC”) via Form GST ITC-02 transferred ITC through Form GSTR-3B and contained […]
The Rajasthan High Court ruled that the applicant is allowed to submit an ITC claim when the department regards the matter of revocation of GST registration cancellation. The bench of two judges, Justice Vijay Bishnoi and Justice Praveer Bhatnagar, has instructed the agency to apply for the re-establishment of its GST registration before the competent […]
Various businesses are under pressure for the ITC claims as of engagement of large efforts. The revision of the late to the GST law would have been made by the government to tighten the claims of the ITC, via Budget 2023 the recent the has been executed. Modification in GST ITC from Budget 2023 You […]
