Input tax credit

Briefing reporters after a meeting of the panel, Finance Minister Nirmala Sitharaman said the GST on caffeinated beverages has been hiked to 28 per cent plus additional cess of 12 per cent as against the current rate of 18 per cent. read more

Some exporters were exporting goods out of India on payment of IGST, done almost entirely out of the Input Tax Credit availed on the basis of “ineligible\/fake” supplies and claiming it as refund on export. read more

The officials said further investigation in the matter is in progress and more people involved in the case will be arrested soon. read more

The new rates came into force from April 1 after the GST Council in March approved the proposal in this regard with a view to boosting demand in real estate sector. read more

For the ongoing projects, builders have to decide either to continue with 12 % GST slab with ITC (8 % for affordable housing) or opt for 5% GST rate (1 % for affordable housing) without ITC. read more

That move was delayed while the back-end, the GST network (GSTN), was being made ready for this. Now, government officials directly familiar with the matter say the simplified form is ready, and could be launched by July, soon after the new government... read more

In case you see a change in real estate pricing, it is largely due to the GST reduction that happened in February this year and also depends on the market environment. read more

The earlier GST rate on under-construction apartments and affordable housing was 12 per cent and eight per cent with input tax credit (ITC), respectively. read more

The 40-year-old accused allegedly issued fake invoice of more than \u20B9650 crore and availed input tax credit of \u20B9110 crore, without the actual supply of goods read more

According to the I-T department, the three men had obtained GST registrations for non-existent companies that were trading iron and steel scrap and had circulated the fake invoices on the payment of a commission to some iron and steel manufacturers,... read more

The commercial tax department is gearing up to lodge FIRs against the 63 bogus firms that have been caught issuing fraudulent invoices (Bills) for around Rs 400 crore turnover evading tax and illegally claiming input tax credit (ITC) on the sale of goods—the... read more

The case involves fraudulent issuance of ITC invoices without actual supply of goods, involving evasion of Rs 79.21 crore on the taxable value of concocted supplies of Rs 450 crore. read more

The government has invited stakeholders comments on the draft proposals for amending GST laws by July 15, 2018. read more

The notices have been sent to dealers and businesses who have claimed less IGST Input tax credit (ITC) in summary returns GSTR-3B than what they have passed on or is reflected in GSTR-2A. read more

The Directorate General of GST Intelligence Jaipur zonal unit has busted a racket of generating fraudulent bills and invoices to claim input tax credit without depositing the actual GST amount with the government read more