Input Tax Credit: Latest News and Updates, Top Stories, Videos, Photos About Input Tax Credit

CGST Officials Unearth Rs 34 Crore Input Tax Credit Fraud

GST officers have unearthed a case of inadmissible input tax credit (ITC) utilization and passing on through bogus GST invoices without actual movement of goods worth Rs 34 crore based on specific intelligence. The seven companies were formed with the intention ...

CBIC Allows Refunds Of Input Tax Credit Accumulated On Imports

The Central Board of Indirect Taxes and Customs (CBIC) has clarified that input tax credit accumulated on imports can now be availed through refunds. The clarification was issued after traders flagged that input tax credit claims were being rejected by tax ...

Rule Change In GST To Mitigate ITC Misuse

Last month in order to eliminate misuse of ITC or input tax credit, the government has placed a limit on the claim amount for input tax credit for entities with annual turnover of less than Rs. 5 crore. And further, the ...

GST Rates Slashed On Under-Construction Properties

The GST Council meet on Sunday has reduced the GST rates on under-construction properties from April 1. For properties priced above Rs. 45 lakh, the GST rates are now kept at 5% in comparison to 12% currently. Also, in case of ...

GST On Residential Properties Expected To Be Slashed

On Friday, the ministerial panel constituted to decide GST on the real estate sector indicated that it would propose taxation of under-construction residential properties at 5% instead of the 12% being charged at present. In respect of the affordable housing ...

Cabinet Allows ITC Benefit To Employers On Food, Transport, Insurance

The Cabinet today okayed 46 GST law amendments and of these one of the amendments now allows employer to claim input tax credit in relation to facilities extended to employees such as meals, transportation and insurance among other such similar services ...

GST Council Meet Tomorrow Ahead Of Budget 2018: Expect Rate Cut And Simple Rules

The GST Council is slated to meet tomorrow ahead of Union Budget 2018 and it is highly expected that some big bang changes can be made. Among them are rate cuts on some 70-80 items, simple return filing norms and changes ...

What Is Reverse Charge Mechanism For Checking GST Evasion?

GST indirect taxation system introduced last year in July is still being streamlined to suit the needs of businesses and taxpayers. And as the reverse charge mechanism likely to be introduced is supposed to check the practise of tax evasion by ...

Tour Packages Likely To Cost Less Post Tax Credit Review By GST Council

As per the leading business daily report, government is mulling to provide tax credits to tour operators. The move is likely to bring down the cost of tour packages for tourists as the GST tax implication will then be reduced ...

Scope of Composition Scheme Under GST Widens To Rs. 1.5 Crore

In its meet at Guwahati, the GST Council has once again tweaked the threshold limit per se composition scheme to Rs. 1.5 crore for small taxpayers. Simultaneously it also made the call to amend the legal framework for increasing the threshold ...

Real Estate To Be Brought Under GST: How Will Home Buyer Be Affected?

As government has taken all measures to hunt down unaccounted wealth and the sector which sees most of it come through is the real estate. So in order to boost more transparency and tax compliance in the segment, the finance ministry ...

For Taxpayers Availing Input Credit GST Return Filing Date Is Extended

As per the current new GST regime, for the month of July, the GST needs to be paid by August 20 and only then the complete details of the GST payment can be filed via form 3B but for those taxpayers ...

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