On 26/12/2022, CBIC brought in a new notification amending CGST Rules 2017 to insert a new rule in the law book, wherein, it has provided that Recipient of Goods or Services or both is liable to reverse ITC…
GST Law was brought into force w.e.f. 01/07/2017. With the introduction of law, certain services were kept under absolute exemption, some under conditional exemption and some were provided for a given period. However, following transactions were not kept…
Section 49(5) of CGST Act, 2017 prescribes the pattern of utilisation of eligible Input Tax Credit (ITC) for payment of tax under different heads of GST i.e. CGST, SGST, UTGST, and IGST. ITC Utilisation pattern has very crucial…
Odisha Authority for Advance Ruling -GST has issued an important order in case of Advance Ruling sought by M/s National Aluminium Company Ltd {‘NALCO’} in respect of its entitlement to take credit of ITC on various goods and…
Proprietorship firm means a firm/entity which is owned by a one natural person only. In this form of business entity, only one person is the owner of such business. All capital investment, risks, rewards, profits, losses, assets, liabilities…
On 23.02.2018, CBEC has issued a Circular CIR-33/07/2018-GST in relation to Disputed and Blocked Transitional Credits (CENVAT Credits) carried forward under GST during Transition to GST. To prevent misuse of transitional credits and non-adherence to GST provisions, CBEC has…
Concept of Input Service Distributor or say ‘ISD’ has been taken from earlier indirect tax well known as Excise Laws. Under this concept, big business houses are able to distribute common input tax credits of an un-productive unit…
In this article we will understand the impact on Input tax credits, where a normal registered person under GST opts to pay tax under Composition Scheme A person was registered under normal provisions under GST (i.e. claiming input…
Section 17(1) and Section 17(2) of CGST Act 2017 provides that where Capital Goods are used in the business for common purposes (i.e. to effect taxable as well as exempt supplies) or used for business as well as…
In this article, we will discuss following two situations in respect to Input Tax Credits of Inputs and Input services:- Where the goods or services or both are used by the registered person partly for the purpose of…
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