The CGST officials arrested the owner of Al-Marwah Traders on Tuesday for allegedly availing, utilising and passing on fraudulent ITC on bogus invoices of over Rs 60 crore
CBIC says a company incorporated in India and a body corporate incorporated by or under the laws of a country outside India are separate legal entities
The move comes as a major relief to several entities that were denied refunds when they were exporting services to their parent or subsidiary companies abroad
Any mis-declaration of freight paid or payable which results in loss of revenue by way of excess drawback payment, is liable to be proceeded against under the Customs Act
A petitioner sought declaration of the section 17 (5) (h) of the Central GST Act and associated circular as unconstitutional to the extent that it restricts input tax credit on gifts and free samples.
Under the Rule 92 of the Central GST (CGST) Act, the claim of the refund has to be made in the RFD 04 form. Thereafter, the officer concerned can accept or reject the claim after his investigations
According to the CBEC, the benefits expected from the e-way bill mechanism are physical interface, faster movement of goods and improved turnaround time of trucks
