Gst Credit

GST rejig: No input tax credit for insurers on brokerage, CBIC clarifies

The CBIC has clarified that taxes paid on inputs like brokerage and commission for individual life or health insurance policies cannot be claimed as ITC

States must get GST loss compensation; growth should benefit all: Kerala FM

Kerala Finance Minister KN Balagopal on Sunday said GST rate rationalisation benefits should be passed on to the common people, but if there is no compensation for the annual revenue loss, then states will be unable to continue to meet their social responsibilities. For Kerala, the annual revenue loss due to the GST rate rationalisation is estimated at Rs 8,000 crore to Rs 10,000 crore. Asserting that economic growth should be beneficial for the entire country, Balagopal told PTI that progressive taxation should not mean less tax for all and high-income or high-end luxury goods should be taxed more, which is the general good taxation practice. The Goods and Services Tax (GST) Council, which represents the Centre and the states, approved a two-rate GST structure -- 5 and 18 per cent -- on September 3. The revised rates, to be effective from September 22, will bring down the prices of a large number of items. While Kerala has welcomed the rate rationalisation exercise, it is concerne

GST alert: CBIC clarifies viral social media claims about transition perks

CBIC warns taxpayers and businesses not to trust social media forwards claiming new GST transition benefits from Sept 22, calling them false and misleading.

Small businesses in Uttar Pradesh happy with GST; timely payments a concern

Apart from payment delays, the rising cost of raw materials was a worry for a brass and iron manufacturer in the city

January GST collection rises 10.4% to Rs 1.72 trn, second-highest ever

RE for CGST may be higher than BE in the interim Budget today

SC quashes GST department's plea against HC order on input tax credit

Experts divided on whether the verdict will set a precedent in similar cases

Shell cos to fake invoice: How firms trying to evade GST are getting caught

DGGI has unearthed number of modus operandi by which tax evasion has been done in the recent past

SC stays Delhi HC order on transitional GST credit on Centre's SLP

Case relates to rule 117 of CGST Act, which set 90-day limit for claiming transitional Cenvat credit from date of GST roll on July 1, 2017. HC held that the time limit is directional and not mandatory

HC rejects revenue dept arguments, allows pre-GST credit till June 30

Court says 90-day limit after GST rollout under rule 117 of CGST Act, on which revenue dept relied, is directional, not mandatory

Parliamentary panel asks govt to prevent misuse of GST input tax credit

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

Promoters, directors, revenue dept get automatic SMS alerts for GST default

Discrepancy in GSTR-3B (summary returns) and GSTR-1 (supplies return), and generating e-way bill but not filing returns, are also the parameters based on which alerts are generated

Haryana tax dept issues circular, asks officers to block input GST credit

Though the reasons cited in the circular issued to block the credit may be genuine such as unutilisation of inputs for furtherance of business