One crucial aspect of this is claiming your Input Tax Credit (ITC ... for business owners. ITC is like a refund on the GST you have already paid on your purchases. For example, if you have ...

Also, 5-star hotels with room tariff of ₹7500 or more can levy 5 per cent GST in restaurants located insider their premise, but only without claiming Input Tax Credit (ITC) While, the new ...

“Due to this additional burden (withdrawal of ITC ... GST amount collected by insurers from customers. What is input tax credit in the case of life insurance companies? Understand this with an ...

As GST law continues to evolve, reliance on earlier legal frameworks, case law, and the definition of P&M remains crucial for determining ITC eligibility. (SECTION 17(5)(c) & 17(5)(d) OF THE CGST ACT, ...

INR 113.02 crore imposed by the Additional Commissioner of Central Goods & Service Tax — Delhi South Commissionerate INR 2.84 crore by the Joint Commissioner of GST & Central Excise – Chennai ...

It is an example of the adoption of global best ... Retrospective Amendment for Restricting Input Tax Credit Earlier, the GST law prescribed restriction of Input Tax Credit (ITC) concerning inputs or ...

GST applies to under-construction properties but not to completed ones. Affordable housing attracts 1% GST, while non-affordable projects incur 5%, and commercial properties face 12%. Input Tax Credit ...

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 ...

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 ...