Input Tax Credit (ITC) allowable on demo vehicles: CBIC Clarifies
CBIC has issued Circular No. 231/25/2024-GST dated 11th September,2024 wherein it has majorly clarified that input tax credit (ITC) is…
Author: Frah Saeed
Frah Saeed is a law graduate specializing in the core field of indirect taxes and is the Co-founder of taxwallah.com. She has authored many publications on GST and is into full-time consultancy on GST to big corporates. She as a part of taxwallah.com heads a team comprising of Chartered Accountants and Advocates and plays a key role in our mission to disseminate GST knowledge to all.
Sec 128A on waiver on intt , penalty applicable from 1st Nov, New Rule to be inserted
Based on the recommendation of GST Council, after considering the difficulties faced by the taxpayers during the initial years of…
All about GST under reverse charge mechanism (RCM) on sponsorship services
1. Introduction In this article we will be deliberating on all aspects regarding the payment of GST under reverse charge…
No GST on Loan from related person without consideration: CBIC
CBIC has vide its Circular No. 22/16/2024-GST dated 26th June, 2024 has clarified that no GST is applicable on Loan…
ITC for RCM supplies can be availed even after time limit u/s 16(4)
CBIC vide Circular No. 211/5/2024-GST dated 26th June, 2024 has clarified that input tax credit can be availed in respect…
No ITC to Buyer if supplier fails to pay GST to Govt. after collecting: HC
Patna High Court in its recent ruling in the case of M/s. Aastha Enterprises v. State of Bihar has held…
GST: New Rule 88D to deal with ITC mismatches in GSTR-2B and GSTR-3B
The GST Council in its 50th Meeting had inter alia recommended as under in regard to Mechanism to deal with…
GST Portal: New tab on Rule 86B, which restricts the use of ITC
Rule 86B was inserted vide notification number 94/2020 dated 22nd December, 2020 and was made effective from 1st January 2021. As…
GST: ITC time limit u/s 16(4) upheld, is independent of Sec 16(2)
The Andhra Pradesh High Court in its recent judgment in the case Thirumalakonda Plywoods v. The Assistant Commissioner has inter alia…
GST Rate Notifications issued on 26th July, 2023: All you need to know
The CBIC has issued various GST Rate Notifications dated 26th July, 2023 to give effect to the recommendation as discussed…
Who are required to file income tax returns compulsorily
Many people inquire if filing ITRs is at all necessary, especially, if their income does not exceed the exemption limit.…
Internal Audit Applicability under Companies Act,2013
Internal audit is one of the key elements of organizational governance and provides independentassurance to the Board / Audit Committee…