GST ITC: With time, GST is getting complicated. It sometimes gets difficult to understand regarding Input Tax Credit (ITC)- what to claim, when to claim and how to claim. Lets understand in detail through an example. Baba tax was asked by Mr. Sunil that can I claim GST ITC for the products which I purchased […]
Read moreGST 5% ITC Rule: Central Board of Indirect Taxes & Customs (CBIC) released Notification No. 39/2021–Central Tax dated on 21st December 2021 which notifies the date 1st Jan 2022 from which provisions of Section 108, 109, and 113 to 122 of the said Act shall come into force. As per Section 109 of the Finance Act, […]
Read moreGST 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 […]
Read more
