Input Tax Credit

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Breaking: CBIC Issues Clarifications On Mandatory Furnishing Of Correct Details in GSTR-3B And GSTR-1

Vide Circular No. 170/02/2022- GST, Dated 6th July 2022, the CBIC has issued clarifications on mandatory furnishing of correct and proper information of inter-State supplies and amount of ineligible/ blocked Input Tax Credit and reversal thereof in return in FORM GSTR-3B and statement in FORM GSTR-1. Circular is as under: The process of return filing …

Breaking: CBIC Issues Clarifications On Mandatory Furnishing Of Correct Details in GSTR-3B And GSTR-1 Read More »

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Breaking: Government Prescribes Manner Of Calculating Interest On Delayed Payment Of Tax

Vide Notification No. 14/2022- Central Tax Dated 5th July 2022, the CBIC has prescribed manner of calculating interest on delayed payment of tax. Rule 88B has been inserted in the CGST Rules 2017 for this purpose. Rule 88B of the CGST Rules as prescribed in the notification is as under: (1) In case, where the …

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Taxpayer is Eligible To Claim ITC As Per Invoice in Absence Of System Based Matching: Gujarat High Court

In the case of M/S New Nalbandh Traders vs State Of Gujarat, the Gujarat High Court has held that: On the perusal of the aforesaid provisions, it can be said that there is a specific mechanism for reversing the credit in the case of a discrepancy in the ITC availed by the recipient, against the …

Taxpayer is Eligible To Claim ITC As Per Invoice in Absence Of System Based Matching: Gujarat High Court Read More »

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Big Breaking: Government Plans To Amend GSTR-3B To Stop Bogus ITC Claims

The monthly tax payment form GSTR-3B is all set to be amended to check fraudulent Input Tax Credit (ITC) claims and speedy disposal of genuine cases. An official said that this could be considered in the meeting of the GST Council to be held next month. The revised form will provide clarity to the taxpayer …

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Big Update On GSTR-2B For April 2022

Official account of GSTN Portal, GST Tech has tweeted that: GSTR2B is now available for April 2022 It may be noted that only if the taxpayer, the Input Tax Credit (ITC) gets auto populated in GSTR3B from GSTR2B has not saved any data in GSTR3B for that tax period. 2.) The auto population of ITC …

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Very Important Point To Keep in Mind While Availing Self- Assessed ITC From GSTR-2A

GSTN has posted an advisory on 15th May 2022 that GSTR-2B for April 2022 is not showing the invoices related to April 2022. Technical team is working on it. But as a temporary measure, taxpayers can avail ITC from GSTR-2A as per self-assessment basis. Points to Keep in Mind While Availing ITC From GSTR-2A As …

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Professionals Are Questioning The Authority Of GSTN After Issuance Of Advisory For GSTR-2B

GSTN has issued advisory on GSTR-2B for the month of April 2022 on 15th May 2022. To read the advisory, Please Click Here In this advisory, GSTN has advised taxpayers to avail ITC as per GSTR-2A on self assessment basis till the technical team is resolving the issue of missing entries in GSTR-2B. After this …

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Breaking: GSTN Issues Advisory on GSTR-2B For April 2022

1.) It has been noticed that in a few cases, certain records are not reflected in the GSTR-2B statement for the period of April 2022. However, such records are visible in GSTR-2A of such recipients. 2.) The technical team is working to resolve this issue for the impacted taxpayers and generate fresh GSTR-2B at the …

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Rule 86A Of CGST Rules Should Not Be Used As A Tool To Harass Taxpayer: Gujarat High Court

Rule 86A Of CGST Rules Should Not Be Used As A Tool To Harass Taxpayer: Gujarat High Court

In the case of Samay Alloys India Pvt. Ltd. vs State Of Gujarat, the Gujarat High Court has held that: The power under Rule 86A of the Rules should neither be used as a tool to harass the assessee nor should it be used in a manner which may have an irreversible detrimental effect on …

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Alert: Be Careful While Filing GSTR-1 And GSTR-3B

Alert: Be Careful While Filing GSTR-1 And GSTR-3B

The government is tightening the screws on taxpayers who are reporting turnover in GSTR-1 but not paying tax through GSTR-3B or claiming more input tax credit as available in GSTR-2A/ 2B. In this series, the government has now incorporated the facility in GST portal to view individual month difference and cumulative difference in output tax …

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Latest GST News, Information, Notifications & Announcements

Alert For Taxpayers Who Are Under QRMP Scheme in GST

Attention Taxpayers who are under QRMP Scheme in GST. Today is the last date to file your GSTR-1 Return for the quarter October, 2021 to December, 2021. If you will not file your GSTR-1 return for the said quarter today, then corresponding ITC will not be available to buyers in their GSTR-2B as per section …

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Received Notice For Reversal Of ITC On The Basis Of GSTR-2B? Read This Article!

Received Notice For Reversal Of ITC On The Basis Of GSTR-2B? Read This Article!

Assessments made on the basis of GSTR-2B (up to 31st December 2021) may be denied on the ground of section 164(3) of CGST Act. Section 164(3) states that Government has the power to give effect to rules not earlier than the date on which the provisions of this Act come into force. Section 16(2)(aa) is …

Received Notice For Reversal Of ITC On The Basis Of GSTR-2B? Read This Article! Read More »

Alert: Government Abolished GSTR-2A. Check Details Here

Alert: Government Abolished GSTR-2A [Read Notification]

Vide Notification No. 40/2021- Central Tax, Dated 29th December 2021, the government has amended Rule 36(4) of the CGST Rules w.e.f 1st January 2022. Amended rule reads as follows: “(4) No input tax credit shall be availed by a registered person in respect of invoices or debit notes the details of which are required to …

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Biggest recovery ever in the history of CBIC

The biggest recovery has been made so far in the ongoing raids on the premises of first pan masala trader and then perfume trader. Central Board of Indirect Taxes and Customs (CBIC) Chairman Vivek Johri has shared information about this. He said that the department had received information that business is being done in Trimurti …

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Alert: Government Finally Notified Most Dangerous Section Of The GST Act

Alert: Government Finally Notified Most Dangerous Section Of The GST Act

Vide Notification No. 39/2021- Central Tax, Dated 21st December 2021, Government has notified Section 16(2)(aa) of the CGST Act 2017 which will disallow the Input Tax Credit which is not available in GSTR-2B of the buyer. The said Section will come into force w.e.f. 1st January 2022. Section 16(2)(aa) can be read as under: “(aa) …

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Breaking: ITC Cannot Be Denied To Genuine Buyer On The Fact That Supplier is Fake (Read Judgement)

Breaking: ITC Cannot Be Denied To Genuine Buyer On The Fact That Supplier is Fake (Read Judgement)

In various writ petitions, the Calcutta High Court has held that: “The main contention of the petitioners in these writ petitions are that the transactions in question are genuine and valid by relying upon all the supporting relevant documents required under law and contend that petitioners with their due diligence have verified the genuineness and …

Breaking: ITC Cannot Be Denied To Genuine Buyer On The Fact That Supplier is Fake (Read Judgement) Read More »

Alert: GST Department is Sending Recovery Emails To Those Who Have Filed Returns And Taken ITC Claim After Due Date

The GST department is sending mails to dealers who have filed GST returns and taken Input Tax Credit (ITC) after the due date, asking them to pay ITC along with interest. The department says that if the dealers do not do so, recovery action will be taken against them. Actually, in section 16(4) of the …

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GST Department Is Issuing Notices For Mismatch In Input Tax Credit

GST Department Is Issuing Notices For Mismatch In Input Tax Credit

We all know that CBIC had allowed mismatch of 20%, 10% and 5% for the difference between ITC as available in GSTR-2A/ 2B and the ITC as claimed in GSTR-3B Return. Consequently, GST Department has started issuing notices to several companies after tracking huge mismatch in ITC available and ITC claimed. The department is of …

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Great News: CBIC Issues Guidelines For Disallowing Use Of Electronic Credit Ledger Under Rule 86A Of The CGST Rules 2017

Great News: CBIC Issues Guidelines For Disallowing Use Of Electronic Credit Ledger Under Rule 86A Of The CGST Rules 2017

CBIC, on 2nd November 2021, has issued guidelines for disallowing use of Electronic Credit Ledger under Rule 86A of the CGST Rules 2017. The board said, doubts have been raised by the field formations on various issues pertaining to disallowing debit of input tax credit from electronic credit ledger, under Rule 86A of the Rules. …

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Today is Most Important Due Date For Monthly Filers of GSTR-3B Return. Know Why

Today is Most Important Due Date For Monthly Filers of GSTR-3B Return. Know Why

Today (i.e. 20th October 2021) is the last date for filing monthly GSTR-3B Return for September 2021. It is most important to note that today is also the last date for claiming unclaimed ITC for the Financial Year 2020-21. So, please reconcile accordingly and claim unclaimed ITC of Financial Year 2020-21 by today. Also Read: …

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Received Intimation of ITC Blocked by Tax Official? Here are Frequently Asked Questions Which You Should Read

Received Intimation of ITC Blocked by Tax Official? Here are Frequently Asked Questions Which You Should Read

FAQs on ITC blocked by tax official I have received an email message as well as a SMS stating – “Please visit your Credit Ledger to see the amount of credit blocked for utilization by the jurisdictional tax officer.” What does this message indicate? Your Jurisdictional Tax Officer has blocked some ITC amount available in …

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Removing Doubts: What is The Actual Due Date for Claiming ITC of FY 2020-21

Removing Doubts: What is The Actual Due Date for Claiming ITC of FY 2020-21

Almost all taxpayers and professionals are thinking that last date for claiming ITC of FY 2020-21 is 20th October 2021. But it is not correct. To understand this, let read the lines of section 16(4): “A registered person shall not be entitled to take input tax credit in respect of any invoice or debit note …

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Rajasthan Government Extends Due Dates for ITC Mismatch Demands Verification and VAT Amnesty Scheme

Rajasthan Government Extends Due Dates for ITC Mismatch Demands Verification and VAT Amnesty Scheme

Vide 1st Notification Dated 30th September 2021, Rajasthan Government has extended due date for ITC Mismatch Demands Verification. Notification can be accessed by Vide 2nd Notification Dated 30th September 2021, Rajasthan Government has extended due date for VAT Amnesty Scheme. Notification can be accessed by

Good News: Madras High Court Directed GST Department to Provide Facility to File Revised Form TRAN-1 on GST Portal

Good News: Madras High Court Directed GST Department to Provide Facility to File Revised Form TRAN-1 on GST Portal

In the case of Bharat Electronics Limited vs Commissioner of GST & Central Excise, Madras High Court has directed GST department to provide facility to file revised form TRAN-1 on GST portal by opening portal. Reportedly, Assistant Commissioner denied the carried forward ITC claimed in GSTR-3B due to non revision of TRAN-1. Full text of …

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CGST Officials Arrested 2 Persons for Input Tax Credit Fraud of More Than Rs 10 Crore

CGST Officials Arrested 2 Persons for Input Tax Credit Fraud of More Than Rs 10 Crore

The CGST Commissionerate, Faridabad, Haryana has arrested two Directors of M/s. F2C Wellness Pvt. Ltd., Faridabad on charges of illegally availing and passing on input tax credit (ITC) by issuance of invoices without supply of goods. On the basis of the investigation conducted till date, the said firm showed purchase of cement from non-existent concern …

CGST Officials Arrested 2 Persons for Input Tax Credit Fraud of More Than Rs 10 Crore Read More »

Press release on arrest of Vijay Garg (M/s Shree Shyam Traders) by HGST-IU for ITC fraud in GST.

About 8000 cases involving fake ITC of over Rs. 35000 crore in FY 2020-21booked by CGST Zones and Directorate General of GST Intelligence

Misuse of the beneficial provision of Input Tax Credit (ITC) under GST regime is the most common modus of evasion under the GST Law. The field formations of the Central Board of Indirect taxes and Customs (CBIC) have been regularly detecting such cases from very beginning of the GST regime. During the financial year 2020-21 …

About 8000 cases involving fake ITC of over Rs. 35000 crore in FY 2020-21booked by CGST Zones and Directorate General of GST Intelligence Read More »