ITC

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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 …

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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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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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Attention GST Taxpayers Whose Aggregate Annual Turnover is More Than Rs 5 Crore

Attention GST Taxpayers whose aggregate annual turnover is more than Rs. 5 crore! Today (25th April 2022) is the last date for filing Form ITC-04 in respect of inputs/ capital goods sent to a job worker or received from a job worker for the period October 2021 to March 2022. Attention GST Taxpayers whose aggregate …

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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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Latest GST News

Goods & Services Tax: Imposition of new ITC restrictions every year is diluting ease of doing business

The Goods and Services Tax (GST) was introduced in India with much fanfare in July 2017. It was expected that the Input Tax Credit (ITC) mechanism under the legislation would be robust, and credits would be fully fungible resulting in favourable cash flows. However, even after four years of its introduction, the journey of ITC …

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Pre-Market Information – ITC, PayTm, Tata Steel, Shree Cements, and others in focus today

Global market cues are mixed as US markets have seen correction especially in Tech stocks like Meta (Facebook), Twitter, Snap, Pinterest, and Spotify Tech. However, Amazon shares soared more than 15%. Asian markets are mixed. SGX Nifty indicates a positive start for Indian markets. The following stocks in focus today: ITC: The company reported profit …

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Pre-Market Information – Tata Consumer Products, ZEE Enterprises, ITC, Titan, and others in focus today

Asian markets are mixed amid geopolitical tensions and growth concerns. Nasdaq futures drop as Facebook posts weak numbers. SGX Nifty indicates a negative start for Indian markets. The following stocks in focus today: Tata Consumer Products: The company reported higher consolidated profit at Rs.265.05 Cr vs. Rs.218.17 Cr YoY. Its revenue jumped to Rs.3208.38 Cr …

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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 …

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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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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 …

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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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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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TC Markets: Nifty crossed 18,300 and Sensex scaled 61,000 – The reasons behind the rally

Nifty 50 has crossed 18,300 points. It stood at 18,338.50 when the markets closed. Nifty Bank Index was the top sectoral gainer. It was followed by Nifty Metal, Nifty Financial Services and Nifty IT. Nifty Auto was the only sectoral index which closed in red. The robust performance by Nifty Bank led by HDFC Bank …

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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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45th gst council meeting Decisions of GST Council Which Every Professional Should Read

11 Decisions of GST Council Which Every Professional Should Read

GST Council, in its yesterday’s meeting, has taken many decisions relating to important aspects of GST. Here is the compilation of 11 decisions which every professional should read: (1.) Relaxation in filing Form GST ITC-04: Now, Form GST ITC-04 to be filed as under: Once in 6 months, whose annual aggregate turnover is above Rs. …

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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 »

GST

GST: Suggested Declaration from the Suppliers Who are Not Following E-invoicing to Avoid Disallowance of Input Tax Credit

As you are kindly aware that E-Invoicing has been implemented in India in a phase manner applicable to all taxpayers (except certain persons exempted) having aggregative turnover exceeding specified limit in any of the preceding F.Y. from F.Y. 2017-18 onwards: * Exceeding INR 500 Crores. – W.e.f. 1st October 2020  * Exceeding INR 100 Crores. …

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