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Page 5 - Input Tax Credit

Companies accuse anti-profiteering body of launching baseless probes

They say NAA is not following due process of law, harassing them with investigations even when there is no cut in GST rates or increase in input tax credit; Delhi HC posts matter for March 4

Companies accuse anti-profiteering body of launching baseless probes
Updated On : 16 Feb 2021 | 12:24 AM IST

GST officers bust network of 46 fake firms used to claim Rs 82 cr ITC

GST officers have busted a network of 46 fake firms which used to generate fake invoices and fraudulently avail input tax credit (ITC) worth Rs 82.23 crore, the finance ministry said on Tuesday.

GST officers bust network of 46 fake firms used to claim Rs 82 cr ITC
Updated On : 09 Feb 2021 | 8:10 PM IST

Gujarat HC serves notice on Centre over interest on delayed payments

Earlier, the GST Council had decided that interest up to 18 per cent would be levied only on delayed payment through cash ledger and not via input tax credit

Gujarat HC serves notice on Centre over interest on delayed payments
Updated On : 27 Jan 2021 | 12:06 AM IST

Income tax department conducts surveys at Flipkart and Swiggy offices

The surveys are related to an alleged bogus input tax credit connected to the external vendors of these firms

Income tax department conducts surveys at Flipkart and Swiggy offices
Updated On : 07 Jan 2021 | 11:37 PM IST

Finmin move to catch fake GST bills to hit genuine taxpayers too: industry

Says ministry's new curbs will impact businesses that usually have accumulated credits, as they will have to discharge output tax liability in cash instead of available credit balance

Finmin move to catch fake GST bills to hit genuine taxpayers too: industry
Updated On : 06 Jan 2021 | 4:06 PM IST

45K entities to come under mandatory 1% cash payment of GST liability ambit

The new rule restricts use of input tax credit (ITC) for discharging GST liability to 99 per cent effective January 1, 2021

45K entities to come under mandatory 1% cash payment of GST liability ambit
Updated On : 26 Dec 2020 | 5:04 PM IST

CGST officials bust racket generating fake input tax credit of Rs 1,278 cr

CGST officials bust racket generating fake input tax credit of Rs 1,278 cr

CGST officials bust racket generating fake input tax credit of Rs 1,278 cr
Updated On : 29 Oct 2020 | 9:52 PM IST

Delhi High Court defers hearing in petitions against NAA to December 7

50 petitions pending in court, court asks each petitioner to submit its arguments within five pages

Delhi High Court defers hearing in petitions against NAA to December 7
Updated On : 26 Oct 2020 | 6:41 PM IST

GST officials bust racket for availing Rs 50 cr illegal input tax credit

Khatri was generating illegal availment and wrongfully passing on of Input Tax Credit (ITC) to the tune of Rs. 50.24 Crores

GST officials bust racket for availing Rs 50 cr illegal input tax credit
Updated On : 23 Oct 2020 | 8:08 PM IST

Delhi man held by DGGI in Rs 190 crore fake input tax credit case

DGGI GZU has arrested a Delhi resident on charges of setting up and operating fictitious firms on forged documents and passing fake ITC totalling Rs 190 crore

Delhi man held by DGGI in Rs 190 crore fake input tax credit case
Updated On : 10 Oct 2020 | 3:12 PM IST

National Anti-Profiteering Authority and the company vs consumer tug-of-war

While businesses have issues with NAA's methodology of computing profiteering, consumers are defending their right to be charged fair prices and are supportive of the authority

National Anti-Profiteering Authority and the company vs consumer tug-of-war
Updated On : 30 Sep 2020 | 3:45 PM IST

DGGI unearths pan-India invoice racket involving transactions of Rs 434 cr

Probe revealed that 23 firms across India, from Tamil Nadu to New Delhi, were involved in issuance of fake invoices to get fraudulent 'Input Tax Credit' without supply of any goods

DGGI unearths pan-India invoice racket involving transactions of Rs 434 cr
Updated On : 19 Aug 2020 | 11:36 PM IST

GSTN enables functionality to help GST payers on ITC eligibility

So far, the GST system used to compute eligible ITC based on suppliers' sales return GSTR-1, but the break-up at the invoice level was not provided

GSTN enables functionality to help GST payers on ITC eligibility
Updated On : 18 Aug 2020 | 9:57 PM IST

GSTR 1 and 3B to be linked to determine input tax credit and liability

The group of ministers (GoM) on Information Technology (IT) led by Bihar deputy chief minister Sushil Kumar Modi took stock of the preparedness and the timelines in a meeting held on Friday

GSTR 1 and 3B to be linked to determine input tax credit and liability
Updated On : 08 Aug 2020 | 4:16 AM IST

Govt lifts restrictions, gives relief on ITC to exporters, others under GST

The government has now kept imports, ISD and RCM out of the purview of its move to limit ITC to inputs reflected in GSTR2A

Govt lifts restrictions, gives relief on ITC to exporters, others under GST
Updated On : 12 Jun 2020 | 2:12 AM IST

ITC refund will be allowed for certain supplies even without invoice: CBIC

GSTR-2A is a purchase return auto-generated by the GST system based on the transaction between a business and its supplier.

ITC refund will be allowed for certain supplies even without invoice: CBIC
Updated On : 11 Jun 2020 | 7:22 PM IST

Covid-19 crisis: Govt extends validity of e-way bills; gives relief in ITC

The Centre has also deferred the application of restricted input tax credit (ITC) of 10% under goods and services tax (GST), providing relief to industry

Covid-19 crisis: Govt extends validity of e-way bills; gives relief in ITC
Updated On : 05 Apr 2020 | 12:36 AM IST

Covid-19: Govt extends e-way bill validity, defers restricted ITC under GST

The validity of e-way bills that were set to expire between March 20 and April 15, has been extended till April 30

Covid-19: Govt extends e-way bill validity, defers restricted ITC under GST
Updated On : 04 Apr 2020 | 11:45 AM IST

Clarifications on shipment issues

The definition of 'turnover of zero-rated supply of goods' under Rule 89(4) of the Central GST (CGST) Rules has been amended

Clarifications on shipment issues
Updated On : 29 Mar 2020 | 9:19 PM IST

Fake invoicing racket worth Rs 7,896 cr busted; accused use 23 shell firms

This was done by a network of 23 shell companies. Two people were arrested for the same on February 29

Fake invoicing racket worth Rs 7,896 cr busted; accused use 23 shell firms
Updated On : 03 Mar 2020 | 12:29 PM IST