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The Hon’ble Madras High Court has set aside the order issued by the Adjudicating Authority in the case of M/s. Sri Renga Timbers v. The Assistant Commissioner (ST) (FAC) [W.P. No. 22854 of 2023, August 17, 2023]. The court affirmed that legally availed credit cannot be refused, even if there were errors committed twice in […]
This post will simplify the list of all important documents that must be required for an income tax audit. To comply with income tax audit requirements, individuals earning income from their businesses or professions must keep various records. These records encompass items such as accounting books, cash registers, ledgers, and journals. Moreover, it is essential […]
ITC could not be restricted to the purchaser only on the basis of the non-reflection of transaction in the GSTR-2A form, Kerala High Court ruled. Justice Dinesh Kumar Singh ordered the issue to be sent back to the Assessing Officer so that the purchaser, who is the petitioner here, could have a chance. “If on […]
Through the common GST portal, the (Goods and Services Tax Network) GSTN issued Advisory No. 601 on August 31, 2023, concerning the introduction of an Electronic Credit Reversal and Re-claimed statement. The government has released the notification about the changes to form GSTR-3B, specifically Table 4, to ensure accurate reporting of Input Tax Credit (ITC) […]
The applicant is engaged with M/s Gold Medal Electricals Pvt. Ltd. for purchasing various electronic products. The seller issues a tax invoice including charges of GST, calculated according to the provisions stated in Section 15 of the CGST Act, 2017. The applicant stated that the supplier has settled GST dues and duly filed GSTR-3B for […]
In the case of M/s. Aastha Enterprises Vs. State of Bihar [CWJ 10395 of 2023 dated 18th August 2023] Hon’ble Patna High Court held that Input Tax Credit (ITC) is a benefit or concession granted to the assessee under the statutory scheme, rather than a right conferred upon them. In the case of M/s. Aastha […]
The GST branch of Kerala has declared the introduction of Standard Operating Procedures (SOPs) to track taxpayers’ corrections of improper IGST Input Tax Credit (ITC) reversals by using the GSTR-3B form. A streamlined summary tax return form GSTR-3B, enables taxpayers to report the total unpaid GST liabilities for a particular tax period. It is mandatory […]
Input Tax Credit (ITC) is eligible on GST paid for inward supply for fixing of plant and machinery to earth by foundational or structural support towards making the outward supply of goods, Rajasthan Bench of the Authority for Advance Ruling (AAR) witnessed. The petitioner, M/s Uvve Glass Private Limited, seeks for advance ruling on whether […]
According to those with knowledge of the situation, the income tax (I-T) department has concluded its investigation into suspected irregularities in the payment of commissions by insurance companies and discovered evasion of more than Rs 15,000 crores. They estimated that the tax on this will be over Rs 4,500 crore. The investigative wing of the […]
