Page 3 - Input Tax Credit

Without legislative backup, govt must not amend rules

The GST Council should prevail on the government to avoid such practices as they lead to unnecessary litigation

Clarity on GST rate key likely to determine benefits for gas users

For now, analysts expect industrial users, city gas distributors and utilities to benefit

Companies accuse anti-profiteering body of launching baseless probes

They say NAA is not following due process of law, harassing them with investigations even when there is no cut in GST rates or increase in input tax credit; Delhi HC posts matter for March 4

GST officers bust network of 46 fake firms used to claim Rs 82 cr ITC

GST officers have busted a network of 46 fake firms which used to generate fake invoices and fraudulently avail input tax credit (ITC) worth Rs 82.23 crore, the finance ministry said on Tuesday.

Gujarat HC serves notice on Centre over interest on delayed payments

Earlier, the GST Council had decided that interest up to 18 per cent would be levied only on delayed payment through cash ledger and not via input tax credit

Income tax department conducts surveys at Flipkart and Swiggy offices

The surveys are related to an alleged bogus input tax credit connected to the external vendors of these firms

Finmin move to catch fake GST bills to hit genuine taxpayers too: industry

Says ministry's new curbs will impact businesses that usually have accumulated credits, as they will have to discharge output tax liability in cash instead of available credit balance

45K entities to come under mandatory 1% cash payment of GST liability ambit

The new rule restricts use of input tax credit (ITC) for discharging GST liability to 99 per cent effective January 1, 2021

CGST officials bust racket generating fake input tax credit of Rs 1,278 cr

CGST officials bust racket generating fake input tax credit of Rs 1,278 cr

Delhi High Court defers hearing in petitions against NAA to December 7

50 petitions pending in court, court asks each petitioner to submit its arguments within five pages

GST officials bust racket for availing Rs 50 cr illegal input tax credit

Khatri was generating illegal availment and wrongfully passing on of Input Tax Credit (ITC) to the tune of Rs. 50.24 Crores

Delhi man held by DGGI in Rs 190 crore fake input tax credit case

DGGI GZU has arrested a Delhi resident on charges of setting up and operating fictitious firms on forged documents and passing fake ITC totalling Rs 190 crore

National Anti-Profiteering Authority and the company vs consumer tug-of-war

While businesses have issues with NAA's methodology of computing profiteering, consumers are defending their right to be charged fair prices and are supportive of the authority

DGGI unearths pan-India invoice racket involving transactions of Rs 434 cr

Probe revealed that 23 firms across India, from Tamil Nadu to New Delhi, were involved in issuance of fake invoices to get fraudulent 'Input Tax Credit' without supply of any goods

GSTN enables functionality to help GST payers on ITC eligibility

So far, the GST system used to compute eligible ITC based on suppliers' sales return GSTR-1, but the break-up at the invoice level was not provided

GSTR 1 and 3B to be linked to determine input tax credit and liability

The group of ministers (GoM) on Information Technology (IT) led by Bihar deputy chief minister Sushil Kumar Modi took stock of the preparedness and the timelines in a meeting held on Friday

Govt lifts restrictions, gives relief on ITC to exporters, others under GST

The government has now kept imports, ISD and RCM out of the purview of its move to limit ITC to inputs reflected in GSTR2A

ITC refund will be allowed for certain supplies even without invoice: CBIC

GSTR-2A is a purchase return auto-generated by the GST system based on the transaction between a business and its supplier.

Covid-19 crisis: Govt extends validity of e-way bills; gives relief in ITC

The Centre has also deferred the application of restricted input tax credit (ITC) of 10% under goods and services tax (GST), providing relief to industry

Covid-19: Govt extends e-way bill validity, defers restricted ITC under GST

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