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GST ITC: 1. As per Section 16(4) of CGST Act, 2017, no taxpayer shall take input tax credit in respect records (invoices and debit notes) for supply of goods or services (or both) for Financial Year 2020-21 after the due date of furnishing the return for the month of September 2021. The due date for […]
Read moreKerala’s tourism industry is defined by houseboats gliding through the backwaters. The GST-Authority for Advance Rulings (AAR), Kerala court, has ruled that the 18 percent Goods and Services Tax (GST) will apply to cruises, whether day trips or overnight journeys. EVM Motors and Vehicles, a car dealership that had expanded into the hospitality industry, requested […]
Read moreThe indirect tax department has begun blocking input tax credit for the whole supply chain under the GST system if even one of the vendors or suppliers has failed to comply with filing rules, affecting a number of businesses and forcing others to pursue legal action. The tax department claims that many of these cases […]
Read moreAs per Rule 36(4) of Central Goods and Service Tax Rules, 2017, a taxpayer filling GSTR 3B can claim provisional Input Tax Credit upto 110% of claim available in GSTR 2A of the respective month. This rule is applicable from 1st January 2020. (Same was earlier 120% for the period October 2019 to December 2019). […]
Read moreThe tax department on January 17 increased GST collection target claims to Rs 1.15 lakh crore over the next two months and Rs 1.25 lakh crore for March month by checking fraudulent input tax credit The decision in this regard was taken at a high-level meeting on January 17 chaired by Revenue Secretary Ajay Bhushan […]
Read moreAs the year has changed then how can we expect that there are no changes in taxes. This new year bought many changes with it. So let’s check what is coming new in GST from January 2020. 1. GST authorities will block your bank account on non-filing of GST Returns on time. A new set […]
Read moreExporters have said the number of refund applications filed on the portal are lower than those received in the state tax office. In a major relief to exporters, the Centre will now pay the input tax credit (ITC) refunds of state taxes, thereby reducing transaction time and costs, and manual interface in claim processing. Taxation […]
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