GST: The government has made the ISD mechanism mandatory, effective April 1, 2025. This means that the distribution of common input tax credit (ITC) must be carried out exclusively through the ISD ...

ITC Reversal implications on taxable suppliers: – Business can use the Input Tax credit of GST that is paid on the purchases like raw material/service used for manufacturing or selling products.

GST authorities have flagged a concerning spike in fake input tax credit (ITC) claims amounting to Rs 15,851 crore during the April–June quarter of the current financial year, marking a 29 per ...

GST officers have uncovered fake input tax credit (ITC) claims of Rs 15,851 crore in the April-June quarter of current fiscal, a 29 per cent jump over the year-ago period, even though the number ...

The GST experience of the other countries has shown that lesser the slabs of the GST, more is the compliance rate. For example, New Zealand has one single rate of 15 per cent and has the best ...

How to calculate ITC? Understanding it from an example, let’s say you are a maker of office and home furniture and bought raw materials such as wood for Rs 50,000 at a GST of 18 per cent. Here ...

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.

GST officials booked 8,000 cases in ITC frauds worth ₹35,000 crore during FY21 During the financial year 426 persons, including 14 professionals such as CAs, Lawyers and masterminds ...

The central point of GST – the biggest tax reform in India – is to avoid cascading effect of taxes, which is done by the mechanism of input tax credit (ITC).