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No ITC on project development services for immovable property construction

Construction services/works contract have always faced the wrath of lawmakers as far as credit is concerned under CENVAT rules. The same plight continues under GST - probably because works contract services result in the creation of immovable property, which is outside the purview of GST. As per Section 16, every registered person is eligible to take ITC of goods and services intended to be used in the course or furtherance of business subject to fact that other conditions as mentio..

Posted in articles |   3507 Views

Whether ITC to be reversed or not on the Goods destroyed due to lockdown ?

Goods of many taxpayers have destroyed or expired due to lockdown. They had paid Goods and Services Tax (GST) on it and taken the input tax credit. Many manufactures had given GST on the raw materials which are used to make the finished goods. Now the raw material has expired or gone bad. Those goods will not come under sale due to destroyed. The problem is now whether taxpayers will have to reverse the input of GST or not on the destroyed or expired goods? Sec..

Posted in articles |   922 Views

Clarification related to GST Refund - ITC populated in GSTR 2A

Clarification related to the processing of GST Refund - Restricted to ITC populated in GSTR 2A The Central Board of Indirect Taxes and Customs (CBIC) had issued Master Circular on Refunds No. 125/44/2019-GST dated 18.11.2019 rescinding all earlier circulars. Recently CBIC has issued Circular No 135/05/2020 - GST dated 31st March..

Posted in articles |   900 Views

CBIC clarifies on refund of ITC in respect of invoices whose details are not reflected in GSTR-2A

Circular No. 139/09/2020-GST CBEC-20/06/03-2020 -GST Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes and Customs GST Policy Wing New Delhi, Dated the 10th June, 2020 To, The Principal Chief Commissioners/Chief Commissioners/Principal Commiss..

Posted in news |   2835 Views

ITC on expenditures incurred on public welfare due to COVID-19

When we are writing this article, the world is suffering a ridiculously huge dilemma due to the COVID-19 pandemic. Many persons are donating masks, sanitizers, personal protective equipment (PPE), ventilators etc. to the needy people. It is an exceptionally good help to the needy people by giving some essential and required things in this situation. To encourage these donations the Ministry of Corporate Affairs issued a clarification that the amount spent by companies would be consi..

Posted in articles |   498 Views

Supply of car for demonstration- GST Implications

Background: Goods & Service Tax (in short 'GST') introduced in year 2017 enacted the law with similar provisions for sale of old or new car. Thereby implementing heavy tax burden on the same with applying Cess over and above the highest slab rate of 28%. Later in beginning of year 2018 statue were relaxed in regards to used car. Now issue arose in respect to classification of car i.e. whether supply is of old/used car or would tantamount to supply of new car...

Posted in articles |   4 comments |   1434 Views

Issues of GST ITC in Lockdown of Business

Is ITC eligible on expenses made for employee’s health safety? The lockdown has promoted the Work from home Culture. Is ITC eligible for such expenses? Read what Krishna has reply to these queried posed by Arjuna..

Posted in articles |   3 comments |   3462 Views

Amended transitional arrangements for ITC notified u/s 140 of CGST act

Central Board of Indirect Taxes and Customs, Ministry of Finance, (Department of Revenue)vide Notification No. 43/2020 – Central Tax dated 16th May, 2020 has issued notification which Seeks to bring into force Section 128 of Finance Act, 2020 in order to bring amendment in Section 140 of CGST Act w.e.f. 01.07.2017...

Posted in articles |   3 comments |   2384 Views

How to convert lapsed ITC into genuine ITC

In this article I am not going to touch the ITC lapsing under Section 17(4) applicable for Banking companies and NBFC and Section 18(4) applicable for a dealer who has availed of input tax credit opts to pay tax under section 10 (composition method of tax payment)...

Posted in articles |   1 comments |   2179 Views

Ineligible ITC subjected to reversal under GST

If the dealer has taken ineleigible input tax credits, the same requires to be revered voluntarily to avoid penal action by the department.  The relevant provisions quoted are under the CGST act only and hence relevant references under SGST/ UGST/ IGST act(s) shall be referred. ..

Posted in articles |   652 Views

Condition for claiming refund of unutilised Input Tax Credit(ITC)

The refund of accumulated ITC shall be restricted to the ITC as per those invoices, the details of which are uploaded by the supplier in FORM GSTR-1 and are reflected in the FORM GSTR-2A of the applicant...

Posted in articles |   1 comments |   772 Views

Implications on ITC on account of non payment to supplier within 180 days

Amount towards the value of supply along with tax payable thereon is not paid to the supplier within 180 days from the date of issue of invoice, an amount equivalent to input tax credit availed shall be reversed in the manner prescribed under Rule 37 of the CGST Rules...

Posted in articles |   546 Views

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