Input Tax Credit News

Though GST rules permit companies to claim refunds for taxes paid on inputs, telecom infrastructure remains specifically excluded.

Though GST rules permit companies to claim refunds for taxes paid on inputs, telecom infrastructure remains specifically excluded.

Since October ’19, the government has cut tax credits available to businesses where vendors fail to upload details

The syndicate was being operated by floating seven different fake firms with the intent of passing of inadmissible credit to the tune of ₹137 croreThe GST officers raided more than 9 places, spread over different locations in the national capital and Haryana

The company also hires taxi for tour/OB recordings with the stateThe AAR in its ruling said since the applicant failed to cite any law under which the service of providing transportation facility to its employees is obligatory, ITC will not be available

Officers of the Central GST Delhi East Commissionerate detected that the fraudulently availed input tax credit by these firms was used to file refund claims to the tune of ₹11.55 croreDuring investigation it was found that the 17 firms existed only on paper and had been floated for passing on input tax credit by generation of fake invoices

Using fake invoices, the exporters are estimated to have claimed input tax credit of more than ₹470 crore which was further utilisedDGGI and DRI carried out search operations at 336 different locations across the country to unearth the racket worth ₹3,500 cr

The automatic refund facility is currently available only to those exporters who have paid the IGST while exporting goodsOnce the whole refund process would be automated, the transaction time and cost would come down and there would also be accountability

Developers under scanner for not passing on input tax credit benefit to homebuyersIn the prevailing real estate downturn, many developers ignored anti-profiteering provisions or did not pay attention

While GSTR-1 for a month is filed by the 11th day of the succeeding month, GSTR-3B is filed and taxes paid by the 20th day of the succeeding monthThe new facility enables the taxpayers to view these two liabilities in one table for each return period at one place, which can be compared