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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 |   307 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 |   3018 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 |   2169 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 |   2065 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 |   560 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 |   682 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 |   475 Views

Refund Of ITC On Capital Goods: A Perspective

Refund Of ITC On Capital Goods: A Possible Perspective..

Posted in articles |   851 Views

ITC in respect of Motor Vehicles

Provisions related to ITC in respect of Motor Vehicles, other Conveyance, and repairs and maintenance thereof. The article contains the newly amended provisions regarding ITC on Motor Vehicles...

Posted in articles |   7 comments |   6339 Views

Firm busted for claiming bogus Input Tax Credit of around Rs 281 Crores

In an investigation led by CGST Meerut team has prima facie revealed issuance of GST invoices of Rs. 1,708 crores from a chain fake firms/companies operating from Delhi, Moradabad and Meerut, involving fraudulent ITC of about Rs 281 crores. The fraud amount may exceed on further probe. On the basis of initiative taken by the Chief Commissioner, Meerut, Data Analytics team analysed suspected firms. They passed on an information on the basis of which CGST Meerut unearthed a case of issuance of fake GST invoices without actual supply of goods an..

Posted in news |   461 Views

Racket busted of non-operational firms falsely claiming refunds

Racket busted of Large number of non-operational Partnership firms falsely claiming refunds against accumulated ITC in Delhi NCR A large number of proprietorship / partnership firms registered with Gautam Buddha Nagar and other Commissionerates of Delhi NCR which were apparently connected and had claimed huge amount of refunds against accumulated Input Tax Credit (ITC) on account of inverted tax structure and Zero-rated supply of Goods were identified.  Searches were conducted on 13.3.2020 by o..

Posted in news |   1172 Views

AAAR: Breakwater is not 'plant and machinery' but a 'civil structure', not eligible for ITC

AAAR: Breakwater is not 'plant and machinery' but a 'civil structure', not eligible for ITC..

Posted in articles |   816 Views

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