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CGST Commissionerate, Raigad of CGST Mumbai Zone has busted a racket of fake GST Input Tax Credit (ITC) involving fake invoices amounting to Rs. 70 Crore involving ITC of Rs. 13 Crore and has arrested the proprietor of a Kalamboli…
Source: Press Release dated 03.02.2022 CGST Commissionerate, Navi Mumbai had busted a fake ITC racket of Rs. 10.68 Crores and arrested the proprietor of M/s. Navnit Steels (GSTIN: 27AEXPD3871K1ZV) on Wednesday (February 2, 2022). The firm has engaged in availing…
By, Mr. Ashish Miglani INTRODUCTION The GST Law was introduced on 1st July 2017 as per 101 constitution amendment act and it was promised that there would be seamless flow of inpu tax credit and object was NO cascading of taxes…
Table 14 of GSTR-9C requires the taxpayer to furnish the reconciliation of ITC declared in Annual Return in Form GSTR-9 with ITC availed on expenses as per audited Annual Financial Statement or books of account. The table 14 is reproduced…
By, M.S.VIJAYAKUMAR, ASSISTANT COMMISSIONER GST (RETD.) One of the main objective of GST was to eradicate cascading effect of taxes which existed under Central Excise, VAT and Service Tax. Under GST Input tax Credit (ITC) can be claimed irrespective of place of…
By Mr. C.A. Arup Dasgupa. FCA, CS, IFRS, Kolkata, West Bengal Email id : dgarup@gmail.com phone : 98315 03290 FAQ 1 : Why is everyone saying that the last date for availment of ITC for 2020-21 is very close? Reply…
The Input Tax Credit (ITC) is a privilege given to the taxpayer by the Govt. The taxpayer is thankful for it but the condition put forward (by the Govt.) for enjoying it is not simple. The taxpayer has to ask…
About the book: GST Input Tax Credit Edition: 10th Edition, Publication date – February, 2021 No. of paper: 396 Price: Rs. 850/- Description This book provides complete guidance on the following under GST: Input Tax Credit Refund of Input Tax…
Last date to avail Input Tax Credit in respect of invoices or Debit Notes relating to such invoices pertaining to period from July, 2017 to March, 2018