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One of the condition to claim the Input Tax Credit (ITC) is the timeline. There is statutory the time limit within which the eligible ITC must be claimed. If failed to claim the ITC within given time then the eligible ITC becomes lapsed.
The Hon’ble Allahabad High Court (Lucknow Bench) in M/s VosslohCogifer Turnouts India Pvt. Ltd. directed the Revenue to disburse the sanctioned refund of Rs. 1,10,72,753/-, which was earlier directed to be re-credited as ITC in the E Cr. L, in cash/ in the bank account of the assessee
Input Tax Credit (ITC) is the vigor of the Goods and Services Tax regime, designed to eliminate the cascading effect of taxes by permitting a registered person to set off tax paid on inward supplies against output liability.
ITC is one of the important tax features of Goods and Service Tax . ITC is a Mechanism to avoid Cascading of Taxes .Cascading of Taxes , in simple Language, is ‘Tax on Tax’ under the present system of taxation
Input Tax Credit is central to the architecture of Goods and Services Tax. It prevents cascading effect by allowing tax paid at one stage to be set off against tax payable at the next.
Input Tax Credit (ITC) is the economic heart of GST. It is intended to neutralise the cascading effect of tax by allowing credit of input tax paid at an earlier stage against the tax payable at a subsequent stage.
The 57th meeting of the Goods and Services Tax (GST) Council is scheduled to be held in New Delhi on September 12, while an officers’ meeting is scheduled for September 11, according to the official notice issued by the GST Council Secretariat.
The Supreme Court on Wednesday dismissed the Centre’s review petitions challenging its earlier decision to uphold a Delhi High Court ruling that allowed Bharti Airtel and other telecom companies to claim ITC on mobile telecom towers under GST regime.
The Hon’ble Supreme Court in Additional Commissioner Grade 2 & Anr. dismissed the SLP affirming that proceedings under Section 74 of UP GST Act, 2017 cannot be initiated to deny ITC to a bona fide purchaser who has duly established the genuineness of the transaction through tax invoices, e-way bills, transport documents, payment through banking channels and filing of returns
The Hon’ble Madras High Court in the case of Clear Secured Service Private Limited held that the Revenue Department cannot confirm a tax proposal denying ITC solely on the ground that the supplier was subsequently declared non-existent