The CBIC has clarified that automobile dealers can claim input tax credit (ITC) under GST for demo cars used to promote sales. However, ITC is not available if these vehicles are used for personal ...
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 ...
and thereby denied input tax credits (“ITCs”) that had been claimed by the Appellant in connection with expenses incurred as part of the settlement of a civil action with a third party ...
The Finance Ministry on Thursday clarified that the last date for availing Input Tax Credit (ITC) under the Goods and ... from erstwhile tax regime to GST regime vide notification No.47/2018 ...
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No input tax credit if e-invoice not uploaded in GST portal within 30 days: New rule soonUnder GST law, businesses (suppliers/sellers ... preventing the recipient from claiming input tax credit (ITC). This can also disrupt business operations as recipients and transporters may ...
Input tax credit (ITC) helps reduce the tax outgo for the GST payer. A retrospective amendment, which comes into effect from July 1, 2017, debars entities, such as commercial real estate companies ...
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 ...
The GSTR-2B (input tax credit) statement will now be ... is an important document which allows buyers to claim Input Tax Credit (ITC). The draft GSTR-2B form will be automatically generated ...
A new Budget amendment necessitates suppliers to ensure buyers reverse input tax credits (ITC) before claiming adjustments ... mentioned an incorrect higher GST rate. A credit note is also issued ...
receives a Goods and Services Tax (GST) notice alleging discrepancies in Input Tax Credit (ITC) claims, the company typically has the option to file an appeal under Section 107 of the Central ...
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 ...
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