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…
Tag: ITC
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 on allocation of common expenses and cost of internally generated services
GST on allocation of expenses and cost of internally generated services by Head Office (HO) to Branch Office (BO) has…
ITC Mismatches in GSTR-3B vs GSTR-2A: Latest GST Council recommendation
In 50th GST Council meeting held yesterday amongst several recommendations one is in regard to procedure for verification of input…
Businesses may have to explain discrepancy in ITC claims: New GST Rule likely to come
The GST Council is likely to decide on a new rule in GST law under which businesses would be required…
GST : Claim Transitional Credit by Filing TRAN-1/2: Read Advisory
The Hon’ble Supreme Court of India has provided a one-time opportunity to all the aggrieved taxpayers to file Form TRAN-1/TRAN-2…
Is extension in time for availing ITC applicable to invoices of FY 2021-22
The time limit for availing of input tax credit (ITC) as mandated under Section 16(4) of the CGST Act, 2017…
ITC is not available to ‘Myntra’ on procured vouchers / subscription packages
AAR, Karnataka in its recent ruling in the case of Myntra Designs Pvt Ltd has held that Input Tax Credit…
Key GST related issues MSMEs must request Govt. for resolution
Ease of Doing Business for MSMEs: Since GST is a destination-based tax, it is suggested to consider postponement of the…
ITC on Hotel Accommodation/Stay services under GST Law
In this article, we shall discuss about availing of input tax credit (ITC) on hotel accommodation / stay services under…
Can the provision regarding ITC on basis of GSTR-2B challenged?
Goods and Services Tax (‘GST’) was introduced back in 2017 with an objective of free flow of input tax credit…
GST under Reverse Charge Mechanism (RCM) on security services
1. Introduction: In this article, we shall discuss all the important aspects in regard to payment of GST under reverse…