The supplier could reduce their output tax liability by issuing a credit note, provided the recipient (buyer) also adjusts their Input Tax Credit (ITC ... 2. Strengthen Contracts: Include clauses ...

Section 17(5) of the CGST Act lists specific cases where Input Tax Credit (ITC ... benefits (e.g., leave travel concessions). 4. Works Contract Services (17(5)(c)) ITC on works contract services ...

As an entrepreneur, every rupee saved is a rupee earned. Managing business expenses wisely is crucial, and leveraging the Input Tax Credit (ITC) system under GST can significantly reduce your tax ...

"The company believes that it has accurately availed input tax credit and has merits in its case. Accordingly, the company is evaluating necessary legal recourse under the applicable law ...

Gurgaon: The anti-evasion wing of CGST arrested two persons on Wednesday in connection with a fraudulent claim of input tax credit (ITC). The companies were engaged in paper trading to cheat the ...

IndiGo, India's leading airline, has been fined Rs 1.30 crore by the Joint Commissioner, Corporate Circle, Ahmedabad, Gujarat, concerning input tax credit claims for the financial year 2020-21.

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But taxpayers who claimed the Earned Income Tax Credit or the Additional Child Tax Credit will need to wait a bit longer. “By law, we can’t issue EITC or ACTC refunds before mid-February ...

The input tax credit pertaining to these common input services can then be distributed among the branches that utilize them. The Input Tax Credit (ITC) is the tax paid on business purchases that ...

“The combination of federal and state tax credits has continued to benefit vulnerable families in our islands,” said Deborah Zysman, executive director of Hawai‘i Children’s Action Networ ...

If you're a procrastinator like some of us, before you file that return, don't forget about certain tax write-offs to claim commonly missed credits. We all want more back in that refund check and ...

A group of 21 House Republicans is asking a key committee to limit changes to energy tax credits passed under Democrats as the GOP seeks to overhaul the U.S. tax code. In a new letter dated Sunday ...