Page 6 - Input Tax Credit

Gujarat HC sends notice to state, Centre over input tax credit on gifts

A petitioner sought declaration of the section 17 (5) (h) of the Central GST Act and associated circular as unconstitutional to the extent that it restricts input tax credit on gifts and free samples.

Centre & states face off on cess

The Council decided to restrict ITC for unmatched invoices, improve tax collection, get more persons to file returns and rationalise some rates

Business fears hit to cash flow from new GST input tax credit restriction

Gupta of ClearTax feels a further reduction in credit could have been considered later

GST Council may crack down on fraudulent invoices, input tax credit refunds

The law committee has proposed blocking of input tax credit for errant businesses "with the intent to safeguard government revenue''

Higher GST rate on mobiles, fabrics likely to boost revenue collection

The GST rate on mobile phones is 12%, whereas that on phone parts and batteries is 18%

Central GST collection falls short of budget estimate by 40% during Apr-Nov

The minister said that as many as 999 cases were registered till October in the current fiscal for GST evasion and Rs 8,134.39 crore has been recovered.

HC issues notice to Centre over input tax credit denial to restaurants

GST rate on restaurants was cut from 18 per cent to 5 per cent in November 2017, but without any input tax credit

Petroleum products should be brought under GST, suggests Assocham

The two-year period for keeping petroleum products outside GST is almost over, said Assocham

Input tax credit not admissible for Krishi Kalyan Cess carried forward

Accumulated credit of KKC that appeared in the Service Tax return of June 30, 2017 will not be admissible input tax credit

Firms to challenge input tax credit notices, revenue department's stand

According to Cenvat rules, companies have to reverse input tax credit on exempted turnover arising out of non-core businesses