If the EV is purchased and used for business purposes, depreciation can be claimed as per standard provisions under Section 32 of the Income Tax Act. There is no separate depreciation rate for EVs in ...

Input Tax Credit (ITC) is one of the fundamental aspects of GST and an important feature in mitigating tax burden on businesses. It enables a taxpayer to offset the tax incurred on inputs (inputs like ...

Taxpayers should ensure ITC claims do not fall under the category of ‘blocked credit’ as specified under GST. It is important to exercise caution, particularly when rate notifications impose ...

Supreme Court dismisses review petition in Safari Retreats case, impacting blocked credit under GST and CGST Act amendment.

The Supreme Court has dismissed the revenue department's review petition in the Safari Retreats case, reaffirming input tax ...

We want to utilise block chain technology to prevent misuse ... individuals and firms claiming fake input tax credit (ITC) through GST claims. This leads to revenue loss,” the official ...

Shares of conglomerate ITC dropped nearly 5 per cent after British multinational BAT Plc trimmed its stake in the firm by 2.3 ...