Section 110(A) of the Tax Code, as amended, identifies the transactions creditable against output tax. Among the transactions are the purchase or importation of goods for sale, for conversion into or ...

The High Court set aside the cancellation order, allowing restoration of the GST registration, conditional on the petitioner filing all pending returns and paying dues within four weeks. The court ...

In this new advisory by GSTN, buyers have been asked to use the ‘recompute’ feature ... the IMS portal can be used to claim lesser input tax credit by eliminating certain purchases but new ...

In a general procedure hearing that was later moved under the informal procedure rules and rendered on December 17, 2024, the ...

The GSTR-2B (input tax credit) statement will now be generated ... after the buyer has generated his GSTR-2B, the buyer has to use the ‘recompute’ option to generate the updated GSTR-2B.

The review petition filed by the Finance Ministry is expected to come for hearing by end of February, when the apex court may ...

Insurers argue that a complete exemption will lead to denial of input tax credit and the increased costs will have to be ...

Andhra Pradesh High Court held that rule 86A of the Central Goods and Services Tax Rules permits blocking of credit which has ...

Input tax credit (ITC) helps reduce the tax outgo for the GST payer. A retrospective amendment, which comes into effect from July 1, 2017, debars entities, such as commercial real estate companies ...

A new Budget amendment necessitates suppliers to ensure buyers reverse input tax credits (ITC) before claiming adjustments when issuing a credit note. This change aims to prevent revenue leakage ...