If the supplier makes payment of GST, the recipient may re-avail such ITC. “These changes as per the notification would be effective from October 1 2022.

Also Read| Government to relax sugar export quota for 2021-22; allow 1.2 mn ton more shipments After GST was rolled out in July 2017, all taxpayers claimed ITC on a self-declaration basis.

Looking ahead: GST 2.0 and global benchmarks As India’s GST ecosystem matures, unlocking the value embedded in accumulated ITC must become an operational priority by adopting global best practices.

GSTN has rolled out an important functionality today which will help GST taxpayers know their exact eligibility of ITC flowing in their Annual Return and thereby filing the annual return, i.e ...

It may be noted that the nationwide drive against fake GST invoice frauds have yielded record GST collections for over the last two months - Rs 1.15 lakh crore in December, 2020 and Rs 1.20 lakh ...

4. ITC claims: A new rule in GST law under which businesses would be required to explain the reasons for excess ITC claimed or deposit the amount with the exchequer is likely to be discussed.

Total number of Input Tax Credit (ITC) fraud cases and amount detected in first 10 months of current fiscal has exceeded full year number of last fiscal by 41 per cent and 28 per cent respectively.