Page 4 - Input Tax Credit
Clarifications on shipment issues
The definition of 'turnover of zero-rated supply of goods' under Rule 89(4) of the Central GST (CGST) Rules has been amended
 "Clarifications on shipment issues")
Fake invoicing racket worth Rs 7,896 cr busted; accused use 23 shell firms
This was done by a network of 23 shell companies. Two people were arrested for the same on February 29
 "Fake invoicing racket worth Rs 7,896 cr busted; accused use 23 shell firms")
Gujarat HC sends notice to state, Centre over input tax credit on gifts
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.
 "Gujarat HC sends notice to state, Centre over input tax credit on gifts")
Centre & states face off on cess
The Council decided to restrict ITC for unmatched invoices, improve tax collection, get more persons to file returns and rationalise some rates
Business fears hit to cash flow from new GST input tax credit restriction
Gupta of ClearTax feels a further reduction in credit could have been considered later
 "Business fears hit to cash flow from new GST input tax credit restriction")
GST Council may crack down on fraudulent invoices, input tax credit refunds
The law committee has proposed blocking of input tax credit for errant businesses "with the intent to safeguard government revenue''
 "GST Council may crack down on fraudulent invoices, input tax credit refunds")
Higher GST rate on mobiles, fabrics likely to boost revenue collection
The GST rate on mobile phones is 12%, whereas that on phone parts and batteries is 18%
 "Higher GST rate on mobiles, fabrics likely to boost revenue collection")
Central GST collection falls short of budget estimate by 40% during Apr-Nov
The minister said that as many as 999 cases were registered till October in the current fiscal for GST evasion and Rs 8,134.39 crore has been recovered.
 "Central GST collection falls short of budget estimate by 40% during Apr-Nov")
HC issues notice to Centre over input tax credit denial to restaurants
GST rate on restaurants was cut from 18 per cent to 5 per cent in November 2017, but without any input tax credit
 "HC issues notice to Centre over input tax credit denial to restaurants")
Petroleum products should be brought under GST, suggests Assocham
The two-year period for keeping petroleum products outside GST is almost over, said Assocham
 "Petroleum products should be brought under GST, suggests Assocham")
Input tax credit not admissible for Krishi Kalyan Cess carried forward
Accumulated credit of KKC that appeared in the Service Tax return of June 30, 2017 will not be admissible input tax credit
 "Input tax credit not admissible for Krishi Kalyan Cess carried forward")
Firms to challenge input tax credit notices, revenue department's stand
According to Cenvat rules, companies have to reverse input tax credit on exempted turnover arising out of non-core businesses
 "Firms to challenge input tax credit notices, revenue department's stand")
