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Construction industry plays an important role in the development of any country. It is a large sector of Economy of about Rs. 37 lakh crores (as per national accounts statistics, 2019-20). The construction industry in India consists of the Real estate as well as the infrastructure development segment.
Input tax credit is the backbone of GST as it ensures the critical feature of taxing on value addition in the supply chain. Any action of denying ITC would lead to a cascading effect and kills the soul of GST.
The interest liability for any belated remittance is an economic consequence. The tax laws are no exception to this rule. GST law provides for interest @18% on the delayed remittance of the tax after due date.
GST laws contain Transitional provisions inter alia Section 140 of CGST Act, 2017 (similar provisions in State GST laws) enables the taxpayer to carry forward the unutilized input credit under the pre-GST regime and allow the credit of taxes paid on the stock as on 30.06.2017 as GST credit.
On receipt of Notice, before responding to any notice or any other communication, the taxpayer must ensure whether the notice is issued the jurisdictional proper officer?
The Rule 36(4) prescribed that ITC shall be entitled to the extent of the invoices uploaded by the suppliers and gives another 10% of the matched ITC in addition to the matched ITC.
Refund Of ITC On Capital Goods: A Possible Perspective
Amendment in Rule 96(10) - Sigh of relief to Goods Exporters
The tax laws are no exception to this rule. GST law provides for interest @18% on the delayed remittance of the tax after due date.
In recent years, the issue of Service Tax/GST liability on the Notice period recovery is a subject matter of dispute.
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
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