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The Delhi High Court ruled that under Rule 86 A of the CGST 2017, the restriction of the input tax credit (ITC) cannot be more than one year. The petitioner, M/s Parity Infotech Solutions Pvt. Ltd., complained about the instruction, which was dated March 8, 2012. Special Commissioner-V, Department of Trade and Taxes, issued the […]
As we arrived at the last month of the accounting year (March 2023), it reveals some essential facts that are needed to be considered in the current month in order to have an easier operation in the subsequent year without taking the assistance of the former year. Below mentioned are the points that need to […]
The main reasons for the rise in GST-related offences in the nation today are tax evasion, fake invoices for goods that haven’t been delivered, cyber frauds using Goods and Services Tax (GST) identification numbers, creation of shell companies, fabrication of business transactions, failure to deposit required taxes with authorities, and illegitimately claiming input tax credit […]
In the three months since it assumed responsibilities under the Goods and Services Tax (GST) system, the Competition Commission of India (CCI) has not been able to resolve a single anti-profiteering complaint. An official source claims that the CCI’s work is being hampered by the lack of a quorum because meetings at the organization require […]
The trader was detained by the Central Goods and Service Tax (CGST) Commissionerate of Coimbatore officers for issuing invoices without the supply of goods under GST in order to evade taxes for more than 5 crores. However, sources claim that the total tax evasion amounts to Rs. 10.42 crores, and the investigation is still ongoing […]
Understanding the Invoice Registration Portal (IRP) IRP is the official portal introduced by the Indian Government for businesses to generate e-invoices under GST. To get a unique IRN (Invoice Reference Number), taxpayers can register their B2B invoices and export them. In the absence of an IRN number, an invoice is considered invalid. The Goods and […]
The Central Board of Indirect Taxes and Customs (CBIC) issued notice to the revised Goods and Services Tax (GST) rates and Customs duties as per the recommendations of the GST Council Meeting (Read Key Highlights). The revision notification revises the GST rate of Rab, other than pre-packaged and labelled (Liquid Jaggery), “Jaggery of all types […]
The other surcharge obtained via open-access consumers under section 42 of the electricity act 2003 shall get taxed under the GST act, Karnataka Authority for Advance Ruling (AAR) held. The two-member bench of M.P. Ravi Prasad and Kiran Reddy T. found that Chamundeshwari Electricity Supply Corporation Limited could not be regarded as a “governmental authority” […]
According to the Jharkhand High Court, the unadjusted TDS amount must be viewed as an input tax credit amount and must be carried forward. The unadjusted TDS amount would have been otherwise refundable to the petitioners if it had not been permitted to be carried forward as an excess input tax credit in the statutory […]
