Search results for: input tax credit

GST revenues for March 2021, collected in April 2021, have shot up to a record high of Rs 1,41,384 crore —14% higher than that of the previous month even in the wake up of the second wave of the Corona pandemic. Thanks to GST’s foolproof mechanism that has led to a spurt in GST collection […]

In another breakthrough, The Madras High Court has recently passed a ruling that shall be a lesson for those sellers who escape from paying that tax which buyer has paid, but the seller has not deposited in government exchequer. It is a relief for genuine buyers also. As per the contemporary GST law, buyers can […]

In order to curb the sudden rise in fake ITC cases, The Punjab and Haryana High Court has rejected the petition for the grant of bail of the petitioner. “The petitioner Mohit Bathla had prayed for granting regular bail for offence as per Section 132(1)(b) and 132(1)(c) that is punishable as per Clause L(i) of […]

Beneath the goods and services tax (GST) regime the Contradictory corporate social responsibility (CSR) judgments by the Authorities for Advance Ruling (AARs), have made confusion inside the private players who had been not happy with the laws. In recent times the Uttar Pradesh AAR ruled that CSR has to spend through the firms is liable […]

The government exchequer collected from Goods and Services Tax (GST) has been on the peak/pinnacle since its journey started in July 2017 across the entire nation. The revenue collection from GST was a whopping Rs 1.24 trillion in a single month of March 2021 — a historical and a mammoth figure in the history of […]

The simplicity of implementing the business for MSMEs: it will not affect the businesses whose turnover is Rs 50 cr to generate the e-invoices however towards the micro and small businesses who do not invest in technology and do not have the digital systems, as per the President, Federation of Indian Micro and Small & […]

As per the ruling of West Bengal’s Authority for Advance Ruling (AAR), selling and serving eatables within the office premises is not subject to the benefit of Input Tax Credit (ITC). However, selling eatables and sweets within the office premises for consumption outside office premises is subject to the benefit of Input Tax Credit (ITC). […]

The Comptroller and Auditor General of India (CAG) has reported technical glitches in the entire mechanism of Goods and Services Tax (GST) even after 3 years of its implementation and further advised computerisation of legal processes and legal procedures in addition to fixing the roll-out plan of a simplified GST regime. Starting from the legal […]

The Finance Ministry said that till date, it has not given any directive to its tax officials to further ask taxpayers to pay the maximum amount of Goods and Services Tax (GST) in cash. As per the news agency of IANS, there are reports in the public that some GST officers are using phone calls […]