GST rules for credit notes tightened to stop leakage
A new Budget amendment necessitates suppliers to ensure buyers reverse input tax credits (ITC) before claiming adjustments ...
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ITC allowed on construction costs for rental realty
In response, the central revenue department filed a special leave petition (SLP), arguing that GST rules ... ITC eligibility via essentiality and functionality tests, ensuring credits are denied ...
Tax Guru7d
ITC Refund Challenges for Exporters with Cancelled GST Registration
ITC Refund Challenges for Exporters Who Cancel Their GST Registration A Case Study on GST Procedural Hurdles and System Limitations Sri Shanmuga Hardwares ...
Business Insider India3y
OPINION: GST Input Tax Credit changes from January 1 – Things to ask your vendor, how to protect your ITC and more
The new year 2022 is going to bring a significant change in the manner of availing Input Tax Credit ... any ITC on their supplies. Unless the suppliers report their supplies over the GST portal ...
Budget impact from GST perspective
BENGALURU: Goods and Services Tax (GST) is crucial for revenue collection, compliance, and economic growth. The Finance Bill ...
Tax Guru14d
Order Reducing 1% ITC under Rule 86B Set Aside for Lack of Personal Hearing
The Madras High Court recently reviewed a writ petition challenging an order under Rule 86B of the Tamil Nadu Goods and Services Tax (TNGST) Act, 2017, regarding the reversal of 1% Input Tax Credit ...
Govt proposes retrospective amendment in Budget for FY26 to overcome the Safari Retreats verdict
In the Union Budget , government proposed to clarify that commercial properties used for leasing purposes are not eligible ...
moneycontrol.com9d
Life insurers oppose GST exemption on term insurance, flag input tax credit concerns
Life insurance companies have opposed a proposal to exempt term insurance premiums from goods and services tax (GST), saying the move would block input tax credit (ITC) and result in higher costs ...
JD Supra7d
Tax Court of Canada Denies GST/HST Input Tax Credit Claims in Connection with a Settlement Payment
In a general procedure hearing that was later moved under the informal procedure rules and rendered on December 17, 2024, the ...
The Free Press Journal6d
Vedanta Hit With ₹141.36 Crore GST Penalty Over Ineligible ITC Claims; Plans Legal Challenge
Global mining conglomerate Vedanta Ltd was hit with Goods and Services Tax (GST) penalties of Rs 141.36 crore for alleged ineligible Input Tax Credit (ITC) availment on Saturday. The Mumbai listed ...
Kashmir Life4d
Government Rules Out GST Rollback on Leased Properties, Modifies Reverse Charge Mechanism
The Government of India has clarified that there is no plan to roll back the imposition of the Goods and Services Tax (GST) on leased properties, despite concerns over its financial burden on tenants ...