Input Credit Collected Under GST

DGGI alleges tax credit claimed on expenses was much higher than prescribed limit

GST officials have busted a fake invoice trading racket and arrested a person for passing on input tax credit (ITC) of over Rs 50 crore, a source said on Sunday.

The 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

Kumar said the annual turnover limit for composite tax of one per cent and two per cent on MSMEs