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Ahead of the fourth GST Anniversary on July 1, the Industry regulatory body ‘PHD Chamber of Commerce’ has voiced an opinion that the buyer should be permitted to claim credit for taxes even if the supplier has been the defaulter in payment of GST. The PHD Chamber of commerce also said that during a meeting […]
On Wednesday National Anti-Profiteering Authority has requested his tax council to convey the advantage of GST price which gets diminished on things relevant to covid things. It is indeed asked to give priority to the common consumer complaints. Beneath the GST act NAA which is a law, the mechanism is allocated to convey the relief […]
Recently Section 16(2)(aa) on Input Tax Credit has been added by Finance Bill. And the implication of this insertion is that it has empowered already existing Rule 36(4). The reason for inserting 16(2)(aa) is being that Rule 36(4) was weak and so, has been challenged before various Authorities & High Courts many times. Consequently, there […]
The Input Tax Credit (ITC) under the mechanism of Goods and Service Tax plays a crucial role for a business and if it is mismanaged, it might adversely affect its working capital. And The GST Act 2017 has laid down a set of rules for claiming and utilizing ITC by every taxpayer. Basics of Input […]
The Central Board of Indirect Taxes and Customs, as per guidelines and instructions of the Government of India, has notified that the Land Owner Promoters can obtain GST paid to Developers on Sale of Land. Earlier, on May 28, 2021, a 43rd GST council meeting Smt @nsitharaman will chair the 43rd GST Council meeting via […]
The GST council, in a recent meeting, has put a clarification on the grey area that annuity paid for ‘service provided in the form of access to a road or a bridge shall be exempted from GST. In India and most of the developing economies across the globe, Road construction projects are operated by the […]
This phenomenon is a sensitive and burning issue in the GST since its inception and implementation in the year 2017 “Whether the recipient are required to reverse their Input Tax Credit (ITC) due to mismatch of 2A or due to non-submission of GSTR 1 or GSTR 3B by supplier” As per Section 16 (2)(c) of […]
The meeting of the 43rd GST council is scheduled for forthcoming Friday. Various stakeholders from the legislature and executive machinery shall participate in it. In addition, states shall also be represented in this meeting. It is much awaited as it shall deliver much valuable decision that includes but are not limited to. Merging GST Slabs […]
Inside the GST regime, one of the problems is if the credit can be refused to the purchaser of goods and services for the fault of the supplier for non-payment of taxes post to collecting the tax amount through the purchaser. Important Provisions Towards the ITC the major law is Section 16 of the CGST […]
