Input Tax Credit

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

Notices have also been issued to vendors of these companies

Petition says arrest made despite a CBIC circular saying that no tax liability is there in circular trading

This is subject to submission to Customs a certificate from the local GST officer that input tax credit has not been taken, and no refund of such ITC or IGST paid on the goods has been claimed

So far, the CBIC has made 960 arrests, including of 20 chartered accountants, under the current provision

A government source said the tax searches were about cases where the insurance companies had taken input tax credit in excess of what they are entitled to.

Companies supplying vehicles to local bodies must prove that the underlying activities are exempt services, such as public health, in order to avoid paying tax, ruled Gujarat-based AAR

There is fear that entities may be asked to reverse ITC or pay back refunds, experts say

Presently, the process is mandatory for businesses with an annual turnover of Rs 20 cr and above

One common query is what happens when a person not registered under GST rents a residential property to a person registered under GST

Ficci bats for zero GST on health care in letter to FM; CAIT against tax tweaks on food items

NAA has found Indiabulls Real Estate guilty of not passing on over Rs 6.46 crore input tax credit benefits to homebuyers by commensurate reduction in prices post rollout of GST

This ground report from Agra captures the overall sentiment that GST credit is like working capital for an MSME and it is increasingly getting stuck in the system

Overall, the five years of GST have made life easier for exporters and importers, despite some rude shocks and unresolved issues

No structured guidelines for firms to avoid profiteering; standard method to compute undue profits, say experts

The government has tightened GST norms. But some of the changes have caused "inconvenience" to taxpayers, to say the least.

The meeting assumes significance as it is expected to discuss the report of the panel of state ministers on rate rationalisation and also the tax rate on casinos, race courses and online gaming

A meeting of the GST Council is expected this month or early next month. It may discuss the inverted duty structure, too

Brick kilns can opt for a composition scheme to pay a 6 per cent GST without input tax credit (ITC) beginning Friday, higher than 5 per cent earlier. Those businesses who do not wish to opt for the composition scheme would be subject to 12 per cent Goods and Services Tax (GST) with ITC. The government on March 31 notified the GST rates that would be applicable from April 1. As per the notification, building bricks, earthen or roofing tiles, fly ash bricks and blocks, bricks of fossil meals can opt for a composition scheme. So far, manufacturing and trading of bricks were chargeable at 5 per cent GST, and businesses were allowed to claim credit on inputs. The GST Council had in September last year decided to bring brick kilns under a special composition scheme from April 1, 2022. AMRG & Associates Senior Partner Rajat Mohan said India is already witnessing high inflation and at this juncture, any steep increase in tax rates for essential infrastructure items would lead to a ripple