News:Government has decided to restrict input tax credit under the goods and services tax to 20% of the eligible amount for an entity if its supplier has not uploaded relevant invoices detailing the payments made. Facts: There was no such restriction until now as input tax credit was claimed by taxpayers on the basis of… Continue reading Input tax Credit
Tag: Input tax credit
Govt. did not try out GST system before rollout: CAG
Government has tabled the Comptroller and Auditor General(CAG) audit report on the Goods and Services Tax(GST) in the Parliament. The report has said that the government had failed to try out the GST system before its rollout leading to inadequate compliance mechanisms, and lower tax revenues. The report has also pointed out that the complexity… Continue reading Govt. did not try out GST system before rollout: CAG
Government rules out bringing oil products under GST for now
The Central Government has ruled out including petroleum products within the ambit of GST immediately by turning down repeated demands from the aviation sector and oil companies. The petroleum ministry has also asked for the inclusion as the benefit of GST is not helping oil companies as they cannot claim an input tax credit.The credit… Continue reading Government rules out bringing oil products under GST for now
No input tax credit if GST returns not filed, says HC
The Telangana high court has ruled that no input tax credit will be available unless GST(Goods and Services Tax) returns are filed.The court has also said that the taxpayer is liable to pay a penalty on the total liability. The ruling came after a company had delayed filing the GST returns.The tax authorities demanded 18%… Continue reading No input tax credit if GST returns not filed, says HC
