GST Input Tax Credit

Section 16 of the CGST Act, 2017 allows you to take input tax credit of the input tax charged on any supply of goods or services, or both, subject to certain conditions

I-T joins probe, quizzes chief financial officers seeking info on 'commissions'

CSR activities were not treated as a business expenditure

The CBIC issued circular clarifying guidelines on recovery proceedings for the period 2017-18 and 2018-19

Central Goods and Services Tax (CGST) Commissionerate, Mumbai zone, on Friday said it has busted a network involved in availing fake input tax credit benefits under goods and services tax.CGST Commissionerate, Belapur of CGST Mumbai Zone, said it has also arrested the proprietor of Amarnath Enterprises, Navi Mumbai for availing and passing on of fake Input Tax Credit (ITC) of Rs 26.28 crore by issuing bogus invoices to the tune of Rs 132.7 crores.Based on a tip-off received from the Central Intelligence Unit of CGST Mumbai Zone an investigation was initiated, which revealed that only invoices were issued and no supply of goods had taken place, CGST Commissionerate said in a statement.Evidence gathered during the investigation and confession of the proprietor indicated that an offence, as specified in Section 132 of the Central Goods and Services Tax Act, 2017, was being committed with full disregard to the statutory provisions, with an intention to defraud the Government of its due ...

One of the prime objectives of Goods and Services Tax (GST) regime is to provide seamlinpuess input tax credit (ITC) and thus reduce the cascading effect of taxes

Rule 86B under Central GST Act limits use of input tax credit for discharging liability, changes GST registration rules as well

350 cases filed against 1,180 entities, actual amount of fake ITC claimed being ascertained, say sources

Companies may challenge jailing provisions, say Section 69 of central GST Act is arbitrary as it empowers commissioners to arrest persons they have "reasons to believe" have claimed fraudulent ITC

These are extremely challenging times, and collective efforts by the government and industry would be required to bring the economy back on track

The validity of e-way bills that were set to expire between March 20 and April 15, has been extended till April 30

Gupta of ClearTax feels a further reduction in credit could have been considered later

"The amount of Rs 73 crore shall be deposited within the next three months from the date of passing this order," the order said

The dealer would be eligible to get input tax credit on entire amount of GST paid if the discount is given after the sale of product

Agri commodities collateral management business has flourished in last few years as these companies help farmers and processors to get finance from banks and non-banking institutions

The deadline for claiming input tax credit ended on October 25, 2018

fake invoices covering goods worth more than Rs 2.2 billion were issued without supply of goods

Unpaid input tax credit constitutes the majority of refunds under the IGST part of the new tax regime

GSTR-2A is a system generated purchase return

According to Cenvat rules, companies have to reverse input tax credit on exempted turnover arising out of their non-core businesses