Input Tax Credit GST

The CBIC has notified changes to the annual GST return form GSTR-9, making the reporting of Input Tax Credit (ITC) more comprehensive. The Central Board of Indirect Taxes and Customs (CBIC) on September 17 notified changes to the Central GST (CGST) rules, which will come into effect on September 22 and apply to annual returns filed for the 2024-25 fiscal. GST registered Taxpayers with aggregate turnover above Rs 2 crore are required to file GSTR-9. AMRG & Associates Senior Partner Rajat Mohan said the government has revamped the annual GST return (Form GSTR-9). "Revised structure of form makes it far more detailed, with new tables covering reversals under Rules 37, 37A, 38, 42 and 43, re-claims in subsequent years, transitional credits, import-related ITC, and auto-populated mismatches," Mohan said. Professionals and corporates will need to wait for the revised forms and utilities from GSTN before implementing these changes in practice. "Going forward, this measure underscores a

GST E-way bill is a document used to trace goods in transit to verify the authenticity of input credit claims

The CBIC issued circular clarifying guidelines on recovery proceedings for the period 2017-18 and 2018-19

GST authorities have detected GST fraud of Rs 55,575 crore over the last two years and arrested over 700 persons for causing loss to the exchequer, an official said on Thursday. Over 22,300 fake GST identification numbers (GSTIN) were detected by the officers of the Directorate General of GST Intelligence (DGGI). The government on November 9, 2020, launched a nationwide special drive against unscrupulous entities for availing and passing on Input Tax Credit (ITC) fraudulently by issuing fake/bogus invoices, thereby evading Goods and Services Tax (GST). "In the two years of the special drive, GST/ITC fraud worth Rs 55,575 crore has been detected. 719 persons have been arrested, which include 20 CA/CS professionals," the official told PTI. Voluntary deposits of Goods and Services Tax (GST) worth Rs 3,050 crore have been made during the period. The official did not disclose the recovery amount in these cases, but said it would be a "sizeable amount". "Credible intelligence, coordina

Petition says arrest made despite a CBIC circular saying that no tax liability is there in circular trading

So far, the CBIC has made 960 arrests, including of 20 chartered accountants, under the current provision

The modified form will help in checking bogus ITC claims and ensure that honest taxpayers are able to timely avail the ITC benefit

One of the prime objectives of Goods and Services Tax (GST) regime is to provide seamlinpuess input tax credit (ITC) and thus reduce the cascading effect of taxes

Realtors' body Credai on Tuesday demanded that input tax credit (ITC) under the GST regime should be allowed to developers, saying this could lead to a reduction in housing prices by 10 per cent.

GST officers detected over Rs 4,000 crore of Input Tax Credit (ITC) fraud in June quarter 2021-22, Parliament was informed on Monday.

Regardless of whether it is incurred for employees or social causes, Input Tax Credit (ITC) being the backbone of GST is a major matter of concern for taxpayers incurring COVID-19 related expenditure

The surveys are related to an alleged bogus input tax credit connected to the external vendors of these firms

Probe revealed that 23 firms across India, from Tamil Nadu to New Delhi, were involved in issuance of fake invoices to get fraudulent 'Input Tax Credit' without supply of any goods

Experts for staggered payments, liberal input tax credit norms, and expediting e-invoicing

The case pertains to underreporting of input tax credit in the GST summary return form, GSTR 3B

Two years after its launch, the government has begun the review of GST, including a possible resetting of rates along with the slabs, the Standing Committee on Finance headed by Jayant Sinha said

Experts said it would block cash flow of businesses and increase their compliance burden

AAR ruled that the applicant could pay the consideration for inward supplies by way of setting off book debt

Rule 89 of the CGST Rules, 2017 allows either the recipient or supplier of such supplies to claim refund of tax paid thereon

The GST Council had allowed companies to claim 100 per cent input tax credit by uploading excise payment invoices for the period before July 1