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itc [2]

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 |   2426 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 |   2225 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 |   697 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 |   821 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 |   570 Views

Refund Of ITC On Capital Goods: A Perspective

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

Posted in articles |   945 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 |   6518 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 |   1 comments |   487 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 |   1185 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 |   851 Views

GST - Restriction in availment of GST input tax credit under CGST Rules, 2017

The Central Board of Indirect Taxes and Customs (CBIC) has issued Circular, clarifying Restriction in availment of the input tax credit in terms of sub-rule (4) of rule 36 of CGST Rules, 2017. Here is what businesses should do to cope up with the changes...

Posted in articles |   10 comments |   4544 Views

Reversal of Input Tax Credit (GSTR 9 - Annual Return)

Reversals explained in Detail are as Follows- Rule ..

Posted in articles |   1 comments |   2969 Views

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