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CGST officials bust racket of generating fraudulent ITC of Rs. 1278 crores

CGST officials bust racket for generating fraudulent input tax credit through fake billing of around Rs 1,278 crore Based upon specific intelligence, the officers of the Anti Evasion branch of Central Goods and Service Tax (CGST),Commissionerate, Delhi (East) have busted a major racket for generation of huge inadmissible input tax credit (ITC) through fake billing of Rs 1,278 crore (approx). The well established syndicate was being operated by floating seven different fake firms w..

Posted in news |   3 comments |   1851 Views

Discussion On ITC Of Diwali Gifts

Festival season has arrived and Diwali is one of the biggest festivals in India. These are the times when people give gifts, sweets to their friends, relatives, employees, family, and clients. Our question is that Whether the input tax credit would be available for the purchase of Diwali gifts? Here we discuss the 2 scenarios where ITC involved in the case of Diwali gifts. First: ITC on the gifts distributed to cli..

Posted in articles |   28 comments |   4899 Views

Dussehra gift of date extension, but what about Diwali gift of ITC?

Arjun (Fictional Character): Krishna, tax departments have gifted taxpayers with their Dussehra gift, in form of date extension, what are the new due dates for GSTR-9 & 9C? Krishna(Fictional Character): Arjuna, around 53 GST and trade associations had submitted representations as well as filed a writ petition for an extension of due dates, which has now been considered. The due dates for GSTR-9 & GSTR-9C of FY 2018-19 which was earlier 31st ..

Posted in articles |   2 comments |   4693 Views

Clarification on availment GST ITC for Feb,20 to Aug, 2020 - Rule 36(4)

CBIC has issued a Departmental Circular No 142/12/2020- GST on 9th October 2020 clarifying the applicability of Rule 36(4) of the CGST Rules, 2017 for the months of Feb 20 to Aug 20. Earlier on 11th November 2019, CBIC had clarified that ITC is to be availed based on Invoices or debit notes reported by suppl..

Posted in articles |   1 comments |   1200 Views

ITC on Lift available or not under GST?

Lift is not a machine, it is part of Building, is it true? Is the ITC claimable on the purchase of Lift? Let us discuss whether the lift is a machine or Building only we would reach to the conclusion of ITC is eligibility. Section 17(5) blocks credit of works contract and goods or services received by a taxable person for construction of an immovable property (other than plant and machinery). If the lift is part of the building and it constitutes immovable property ITC is not available means ..

Posted in articles |   1 comments |   2309 Views

Glimpse on Refund of unutilised Input Tax Credit (ITC)

Introduction: Accumulation of Input Tax Credit happens when the tax paid on inputs is more than the output tax liability. Such accumulation will have to be carried over to the next financial year till such time as it can be utilised by the registered person for payment of output tax liability. However, the GST Law permits refund of unutilised ITC in two scenarios, namely if such credit accumulation is on account of zero rated supplies or on account of inverted duty structure, subj..

Posted in articles |   2190 Views

All about input tax credit under goods & services act

Input Tax Credit Input Tax Credit or ITC is a credit that can be used to pay off the tax liability of registered taxpayers. It is a tax paid by the person registered under the GST Act when he purchases goods or avails any services from a registered taxable person. It helps the registered taxpayer to reduce his tax liability when he sells goods or render any services. The input tax credit is available only to a person who is registered under the Act. This helps the subsequent taxpa..

Posted in articles |   2 comments |   1025 Views

List of Goods and Services on which GST ITC is not available

List of Ineligible Items on which ITC is not allowed under GST Laws - Updated as on 8th September, 2020 For a taxpayer, it is essential to determine whether the tax paid on the inward supplies is eligible as Input Tax Credit (ITC) or shall fall within the ambit of ineligible ITC. Section 17(5) of CGST Act 2017 provides for cases wherein a taxpayer would not be entitled to claim ITC unless it falls within the exceptions as provided. In this relevance, list of Goods & ..

Posted in articles |   2 comments |   5150 Views

Claiming Input Tax Credit under GST Regime

1) Introduction:- Input Tax Credit means reducing the taxes paid on inputs from taxes to be paid on output. When any supply of services or goods is supplied to a taxable person, the GST charged is known as Input Tax. The concept is not entirely new as it already existed under the pre-GST indirect taxes regime (service tax, VAT and excise duty). Now its scope has been widened under GST. Earlier, it was not possible to claim input tax credit for Central Sales Tax, Entry Ta..

Posted in articles |   2660 Views

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 |   3737 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 |   1033 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 |   988 Views

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