Gst Input Tax Credit

Govt working on mechanism to allow refund of ITC on capital goods

An inverted duty structure arises when the tax rate on inputs is higher than that on finished goods, leading to accumulation of unutilised ITC

Best of BS Opinion: GST 2.0 reforms miss underlying core principles

Today's pieces look at the available space for more rate cuts, the sorry state of tribunals, why GST reforms are not really that, and how India can harness its vast non-export MSME sector

GST without a seamless input tax credit system fails its core principles

We are losing touch with the soul of the indirect tax

CBIC notifies changes in annual GSTR-9 form, makes ITC reporting detailed

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

Hotel restaurants charge 18% GST if room rent exceeds Rs 7.5K per day: CBIC

Hotels charging a room rent above Rs 7,500 a day at any time in any financial year will be considered 'specified premises' for the next fiscal and restaurant services provided inside such premises will attract 18 per cent GST with input tax credit, the CBIC said on Thursday. From April 1, 2025, the taxability of such restaurants which operate inside hotels will be on the basis of value of supply (transactional value). This would replace the concept of 'declared tariff' which included charges for all amenities provided in the unit of accommodation (given on rent for stay) like furniture, air conditioner, refrigerators or any other amenities, but without excluding any discount offered on the published charges for such unit. "For the period starting from 01.04.2025, the value of supply of hotel accommodation in the previous FY, i.e., the transaction value charged for the said supply, would be the basis for determining whether the premises providing hotel accommodation service mandatoril

GST officers must provide written grounds of arrest under new guideline

The grounds of arrest must be explained to the arrested person and also furnished to him in writing as an Annexure to the Arrest Memo

Second all-India drive against fake GST registrations to begin on Aug 16

Tax officers will launch a two-month long special drive against fake GST registrations on August 16, the Central Board of Indirect Taxes and Customs (CBIC) has said. With the detection of close to 22,000 fake registrations involving suspected GST evasion of over Rs 24,000 crore in the first such drive in May, last year, the National Coordination Committee, comprising senior Centre and state tax officers, last month decided to launch a second special drive "to clean up the tax base". Under the special drive, GST Network, in coordination with Directorate General of Analytics and Risk Management (DGARM), CBIC, will identify suspicious/ high-risk GSTINs, based on detailed data analytics and risk parameters. Such information would be passed on to the jurisdictional tax officer for further verification. The Centre and State GST officers will then undertake a time-bound verification of the suspicious GSTINs (GST identification number). If it is found that the GSTIN is fictitious or ...

HDFC Life gets GST demand orders of Rs 27 cr for short payment of taxes

HDFC Life Insurance Company on Thursday said it has received GST demand orders of over Rs 27 crore for alleged short payment of taxes. In two separate regulatory filings, the insurer said it has received tax demand orders of over Rs 16.5 crore and Rs 10.5 crore from authorities for alleged short payment of GST and input tax credit claim mismatch. The demand orders include interest and penalty as well. The company said it will file appeals against the GST demand orders before the Appellate Authority. Shares of HDFC Life settled 1.27 per cent higher at Rs 634.20 apiece on the BSE.

GST officers detect over 29,000 bogus firms involved in fake ITC claims

The government on Sunday said GST officers have detected 29,273 bogus firms involved in fake Input Tax Credit (ITC) claims of Rs 44,015 crore in eight months till December 2023 during a drive against fake registration, which helped save revenue of Rs 4,646 crore. In the October-December quarter, 4,153 bogus firms that involved suspected ITC evasion of around Rs 12,036 crore were detected. As many as 2,358 of these bogus firms were detected by the Central GST Authorities. Maharashtra topped the list with 926 bogus firms detected, followed by Rajasthan (507), Delhi (483) and Haryana (424). The detection during the December quarter protected revenue of Rs 1,317 crore of which Rs 319 crore has been realised and Rs 997 crore has been protected by blocking ITC. As many as 41 persons were arrested in these cases while 31 of these arrests were made by Central GST Authorities, the finance ministry said. "Since the initiation of the special drive against fake registrations in mid-May 2023, a

GST intelligence detects tax evasion of Rs 1.36 trillion so far in FY24

Between Apr 2020- Sep 2023, over 6,000 fake ITC cases reported

Top Headlines: Tax credit on Council agenda, rupee internationalisation

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No ITC claim if vendors of suppliers of company don't pay GST: Punjab AAR

Experts disagree with ruling and say it could be reviewed at higher judicial forums

ITC can't be denied under GST even when post-supply discounts received: AAR

Value of supply would stand reduced, while tax liability remains as it is: Andhra authority

Chatroom: 'No GST rebate or exemption against supply of services to EOUs'

Section 16 of the CGST Act, 2017 allows you to take input tax credit of the input tax charged on any supply of goods or services, or both, subject to certain conditions

Bogus invoices row: GST authorities summon insurance intermediaries

I-T joins probe, quizzes chief financial officers seeking info on 'commissions'

Disallowing input tax credit may increase CSR cost, impact beneficiaries

CSR activities were not treated as a business expenditure

GST officers to seek details of all invoices in case of ITC mismatch

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

Officials bust network availing fake input tax credit benefits under GST

Central Goods and Services Tax (CGST) Commissionerate, Mumbai zone, on Friday said it has busted a network involved in availing fake input tax credit benefits under goods and services tax.CGST Commissionerate, Belapur of CGST Mumbai Zone, said it has also arrested the proprietor of Amarnath Enterprises, Navi Mumbai for availing and passing on of fake Input Tax Credit (ITC) of Rs 26.28 crore by issuing bogus invoices to the tune of Rs 132.7 crores.Based on a tip-off received from the Central Intelligence Unit of CGST Mumbai Zone an investigation was initiated, which revealed that only invoices were issued and no supply of goods had taken place, CGST Commissionerate said in a statement.Evidence gathered during the investigation and confession of the proprietor indicated that an offence, as specified in Section 132 of the Central Goods and Services Tax Act, 2017, was being committed with full disregard to the statutory provisions, with an intention to defraud the Government of its due ...

Centre must relook proposed GST amendments on ITC

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

Clampdown on fake bills: Rs 50 lakh a month biz to suffer 1% GST in cash

Rule 86B under Central GST Act limits use of input tax credit for discharging liability, changes GST registration rules as well