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Eicher Motors Ltd on Thursday said its subsidiary VE Commercial Vehicles Ltd (VECV) has received a GST demand of Rs. 192.36 crore, including penalty, in a case related to the delayed reporting of credit notes for the financial year 2017-18.
The GST Council has given relief to businesses, particularly fast-moving consumer goods companies, by removing the rule that required credit notes to be linked with invoices.
In a major relief to goods and services tax (GST) payers, the government is likely to amend Central GST (CGST) Rules, allowing recipients of goods and services up to two months to accept or reject a credit note and adjust the input tax credit (ITC) taken.
A supplier of goods or services can issue a credit note to the buyer in several instances. Typically this happens if the supplier has made mistakes in the original invoice, such as declaring a value higher than the value of goods or services actually provided or has mentioned an incorrect higher GST rate. A credit note is also issued when goods are returned by the buyer.
Credit notes in GST amidst clarifications by the CBIC on post-sale discount related tax adjustments
There is an ambiguity in the trade and industry that GST Credit note can be issued only with respect to Tax Invoices which are issued to B2B supplies and not to B2C Supplies, on the contention that such unregistered dealer will not be in a position to reduce the input tax covered by GST Credit notes, if so issued, hence not acceptable. This Article deals with the legal provisions relating to issue of GST Credit notes under GST Law, based on the provisions of GST Law as existing today, whether such GST Credit notes can be issued with respect to B2C transactions.
The Hon’ble Madras High Court in the case of Oasys Cybernetics Private Limited disposed of the writ petition by setting aside the assessment order in case where the total taxable and invoice value was in negative due to erroneous reporting of Credit Notes as Input Tax Credit, thereby holding that, the demand should not be raised when there is no loss caused to the government in the aforesaid scenario.
Apollo Tyres Ltd on Tuesday said it has received tax demand and penalty of Rs 2.06 crore from GST authority in Tamil Nadu over availing of input tax credit and other issues.
Ceat is dealing with a Goods and Services Tax (GST) demand issued by the Assistant Commissioner of State Tax in…
The BMC’s controversial credit note policy, where payments to builders were made through credit notes worth Rs. 450 crore for construction…