Input Tax Credit

Disallowing input tax credit may increase CSR cost, impact beneficiaries

CSR activities were not treated as a business expenditure

GST officers to seek details of all invoices in case of ITC mismatch

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

Leading insurance companies under GST scanner for alleged fake invoicing

Notices have also been issued to vendors of these companies

HC issues notice to Maharashtra GST dept for arrest over circular trading

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

Chatroom: 'Drawback of IGST also available on re-export of imported goods'

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

Run-up to Budget: Monetary threshold for GST offences may rise to Rs 25 cr

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

GST wing of CBIC conducts tax inspections against insurance companies

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.

Transport services to civic bodies not exempt from GST in each & every case

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

Lack of clarity on GST paid on liquidated damages may lead to litigation

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

GST e-invoicing must for entities with Rs 10 cr turnover from Oct 1

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

Only GST-registered tenants face 18% tax on rent paid, say experts

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

Industry body voices concern over 5% GST on hospital room tariffs

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

Indiabulls Real Estate guilty of profiteering, to refund homebuyers: NAA

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

Five years of GST: Recovery of input tax credit still a struggle

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

Quicker refunds helping exporters in GST regime

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

5 years of GST: Profiteering charges leave many companies perplexed

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

GST enforcement: A fine balance in catching fraud, not harassing taxpayers

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

47th meeting of GST Council to be held on June 28-29 in Srinagar: FinMin

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

GoM may suggest pruning GST exemption list ahead of Council meeting

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

Brick manufacturing, trading to attract 6% GST without ITC; 12% with credit

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