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GST Council mulling to modify monthly tax payment form for better input tax credit reporting

GST Council mulling to modify monthly tax payment form for better input tax credit reporting

Sun, May 22, 2022

The modified form will provide clarity with regard to gross input tax credit (ITC) due to the taxpayer, the amount claimed in a particular month and the net amount left in the taxpayer's ledger, according to officials.

GST taxpayers alert! Input Tax Credit (ITC) clarification from Finance Ministry - Must know for March 2021

GST taxpayers alert! Input Tax Credit (ITC) clarification from Finance Ministry - Must know for March 2021

Mon, Mar 22, 2021

Ministry of Finance has issued a statement in which it said that taxpayers are free to utilise Input Tax Credit (ITC) available in their credit ledger as permissible by law to discharge their GST due for March month.

Important statement from Finance Ministry for GST taxpayers

Important statement from Finance Ministry for GST taxpayers

Sun, Mar 21, 2021

According to a latest development, the Finance Ministry on Saturday said it has not issued any instructions to officials to ask taxpayers to pay maximum GST liability in cash.

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GST: Never claim fake Input Tax Credit (ITC) in greed of money, else this will happen - Modi government is watching you!

GST: Never claim fake Input Tax Credit (ITC) in greed of money, else this will happen - Modi government is watching you!

Mon, Jan 18, 2021

Right from assuming office, Narendra Modi government is very clear about crackdown against corruption and black money.

Big Rs 7,896-crore fake GST invoice racket busted! This is how they were doing tax evasion

Big Rs 7,896-crore fake GST invoice racket busted! This is how they were doing tax evasion

Tue, Mar 03, 2020

These companies procured and generated invoices without the actual supply of goods and availed as well as passed on input tax credit.

GST Claims: Warning! This is what Modi government is doing to identify fraud input tax credit cases

GST Claims: Warning! This is what Modi government is doing to identify fraud input tax credit cases

Tue, Feb 11, 2020

It's a warning message for those who indulge or imagine making fraudulent claims under Goods & Services Tax (GST)!

Exporters used fake invoices worth Rs 3,500 to claim ITC

Exporters used fake invoices worth Rs 3,500 to claim ITC

Thu, Sep 12, 2019

Using fake invoices, the exporters are estimated to have claimed input tax credit (ITC) of more than Rs 470 crore which was further utilised.

Anarock budget wish list for realty sector: Industry status, more bank funds, ITC benefit in GST

Anarock budget wish list for realty sector: Industry status, more bank funds, ITC benefit in GST

Fri, Jun 14, 2019

The liquidity crisis is the major factor preventing completion of over 5.6 lakh stalled units across top seven cities.

Good news! This is how you can realise your dream home now

Good news! This is how you can realise your dream home now

Mon, Feb 25, 2019

GST Council on Sunday slashed tax rates for under-construction flats to 5 per cent and affordable homes to 1 per cent, effective April 1 to boost demand in the real estate sector. Currently, the goods and services tax (GST) is levied at 12 per cent with input tax credit (ITC) on payments made for under-construction property or ready-to-move-in flats where completion certificate is not issued at the time of sale. For affordable housing units, the existing tax rate is 8 per cent.

Tax evasion: GST fraud detected, Gujarat man caught using fake invoices; how he did it

Tax evasion: GST fraud detected, Gujarat man caught using fake invoices; how he did it

Mon, Dec 24, 2018

The accused Paresh Patel was picked up by Central GST Commissionerate in Vadodara Friday, and was sent to judicial remand till January 3 by a Kapadvanj court, they said.

Taxing times: Rs.4,400 cr worth GST evasion detected, evaders booked

Taxing times: Rs.4,400 cr worth GST evasion detected, evaders booked

Mon, Oct 22, 2018

Tax sleuths have detected Goods and Services Tax (GST) evasion of over Rs 4,400 crore during last one year after the new tax regime was implemented in the country. Investigators have booked the evaders for misuse of input tax credit (ITC), mis-declaration and non-filing of GST returns .

Input tax credit (ITC) crisis brewing, profitability, and cash flow under threat

Input tax credit (ITC) crisis brewing, profitability, and cash flow under threat

Fri, Oct 19, 2018

Trade and industry bodies could lose a huge amount of input tax credit (ITC), which could hit their profitability and cash flow if they fail to match their ITC claims under goods and services tax (GST) with the returns filed by vendors by tomorrow.

GST evasion worth Rs. 3,026 cr detected in 1 year: Govt

GST evasion worth Rs. 3,026 cr detected in 1 year: Govt

Wed, Aug 01, 2018

The government has detected GST evasion worth Rs 3,026 crore in the last one year in relation to misuse of input tax credit and non-payment of taxes, the Rajya Sabha was informed today.

Taxpayers can check return filing status of suppliers on GSTN portal

Taxpayers can check return filing status of suppliers on GSTN portal

Fri, Feb 23, 2018

The GST Network (GSTN) portal has been developed to help buyers to check the tax payment status of their suppliers and make claiming input tax credit (ITC) easier. It would also show status of last 10 returns showing return type, financial year, tax period, date of filing and status whether GST filed or not filed.

Taxpayers asked to file Form TRAN-1 by Dec 27 to avail input tax credit

Taxpayers asked to file Form TRAN-1 by Dec 27 to avail input tax credit

Wed, Dec 13, 2017

The Finance Ministry statement said, "In keeping with the philosophy of voluntary compliance, revision of Form TRAN-1 has also been provided. The last date for revision of TRAN-1 is also 27th December, 2017."

No penalty on late GST returns for July, FinMin says

No penalty on late GST returns for July, FinMin says

Sat, Sep 02, 2017

The taxpayers had to file the GST returns for July by August 25 and those claiming transitional input tax credit by August 28.

Retail companies in India are clueless on how to pass GST's input tax credit benefits to customers

Retail companies in India are clueless on how to pass GST's input tax credit benefits to customers

Thu, Aug 24, 2017

Indian retail CFOs have raised concerns over various issues under GST regime. One of them being input tax credit.

GST on textile job works cut; e-way bill provisions finalised

GST on textile job works cut; e-way bill provisions finalised

Sun, Aug 06, 2017

Briefing reporters after the 20th meeting of GST Council, Finance Minister Arun Jaitley said all goods worth over Rs 50,000 will have to be pre-registered online before they are moved for sale beyond 10 km.

GST: The transition issues and what it means for India

GST: The transition issues and what it means for India

Fri, Jun 30, 2017

However, GST, as accepted by the Government, is going to see some hiccups in the beginning as is the case with any disruption. Past few weeks has seen companies destocking their products at a rate faster than expected. Industry experts believe that normalisation may return to the Indian economy only by the third quarter (Q3FY18) of the current fiscal, i.e. September to December 2017 period.

GST could make your movie going experience cheaper

GST could make your movie going experience cheaper

Thu, Jun 22, 2017

With GST coming in multiplexes will get a break primarily due to the input tax credit offered by the new tax regime and as a result could pass on the lower tax benefits to customers.

Telcos need to rejig their costing, prices under GST: Government

Telcos need to rejig their costing, prices under GST: Government

Fri, May 26, 2017

Telecommunication services currently attract a service tax of 14 per cent, along with Swachh Bharat Cess (SBC) of 0.5 per cent and 0.5 per cent Krishi Kalyan Cess (KKC).

GST Council approves rules on input tax credit, says Jaitley

GST Council approves rules on input tax credit, says Jaitley

Fri, Mar 31, 2017

Speaking at a press conference in New Delhi, Finance Minister, Arun Jaitley on Friday said that the GST Council approved rules on input tax credit, valuation, transitional provisions and composition.

Nasscom meets GST Council on concerns over implementation

Nasscom meets GST Council on concerns over implementation

Tue, Jan 03, 2017

Cautioning that current form of GST implementation could pose serious challenges for IT sector, industry body Nasscom on Tuesday met the GST Council to express concern on tax treatment of software and make a case for 'single registration' under the new regime.

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