Home » Posts tagged "INPUT TAX CREDIT"

How to manage transfer of input tax credit when sole proprietor died ?

Doubts have been raised whether sub-section (3) of section 18 of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as (CGST Act) provides for transfer of input tax credit which remains un-utilized to the transferee in case of death of the sole...

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Provision related to Refund under GST Law

There are certain situations under which you can claim refund under GST law.  Due to zero rates on Export, and inverted tax on certain supply, i.e. inward supply is taxed more than outward supply.  As per section 54(1) of CGST Act, 2017 Application for refund...

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New Provision relating to set off of input tax credit (ITC) under GST

Introduction:- The GST Regimes has three tax mechanism i.e. CGST, SGST/UTGST, IGST. Igst is leviable on inter-state supplies. While CGST & SGST/UTGST leviable on intra state supplies. Section 49(5) of CGST Act, prescribes the manner of utilization of credit remains in Electronic credit ledger. However,...

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Blocking/Unblocking of ITC by GST Authorities on GSTN

Blocking/Unblocking of ITC The Government of Haryana has issued guidelines regarding circumstances in which input tax credit (ITC) can be blocked/ unblocked from the electronic credit ledger vide Circular Memo No. 3555/GST- 2, dated 30 October, 2018. GSTN has recently released an application program interface...

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Updated Draft regarding Lapse of ITC Under GST Act

10 Highlights of Undated Draft Circular of August 2018 -354/290/2018-TRU regarding (Input Tax Credit) ITC to Lapse. The Tax Research Unit of CBIC has issued a draft circular to address the controversy arising due to lapse of credit in respect of fabrics vide Notification 20/2018....

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Understanding the apportionment of Input Tax Credit

Some GST tax payers are facing difficulty is understanding the apportionment of Input Tax Credit (ITC). Given below is the method to understand it. 1. Method of Apportionment of Input Tax Credit in case of goods or services or both (other than capital goods) The...

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What is the taxable value of Second hand goods?

There is a very huge market share of used car & second hand goods sales in India and gradually growing with e-commerce platform also like Carwale, Justdial, Olx, Zigwheels etc. Even books, cloths and other low value items also getting attention in this industry. Now,...

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Wrong Input Tax Credit claim in GSTR-3B

Input Tax Credit Claim : After various representations and comments received from stakeholder regarding clarification on the procedure for rectification of errors made in reporting Input Tax Credit claim while filing their GSTR-3B return, the Commissioner of GST issues guidelines and notifications. We summarized these common...

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Input Tax Credit on Failure to pay Value of supply

When tax payer failure to pay Value of supply to Vendor within a period of 6 month: The Second proviso to Section 16(2) read with Rule 37 of the GST Act, says that where a recipient fails to pay to the supplier of goods or...

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Refund of Unutilized ITC under GST

The GST Law provide for refund of unutilized ITC, where credit accumulation is on account of inverted duty structure, subject to certain riders. Time lines have been set for processing of refund claims and claims not settled within 60 days will be paid with interest...

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