Once the application had been processed and or order passed, which has attained finality, the respondents cannot escape the plain effect of the same. They also cannot escape the liability of interest that arises on non-compliance of the same.
The power conferred under Rule 86A is very drastic. Power under Rule 86A should be invoked only if fraudulent ITC or ineligible ITC has been claimed by the assessee and the authority has recorded the reasons for the same in writing.
The authority is bound to record the reasons of invoking Rule 86A in writing and communicate such reasons to the assessee. On receipt of such reasons, the assessee is entitled to make his submission/objection requesting for lifting.
Central Board of Indirect Taxes (“CBIC”) has notified Central Goods and Service Tax (Fourth Amendment) Rules, 2021 vide Notification No. 15/2021-Central Tax dated 18th May, 2021 to make amendment in provisions related to Revocation of Cancellation of GST Registration and Refund under GST.
The GST Policy Wing of the Government of India passed a set of notifications under S.168A of the CGST Act, 2017 whereby the time limits and limitation period of various activities and actions of different authorities on multiple issues were specified and extended to certain dates based on the nature of the activity.
The department clarified that refund of ITC relating to imports, ISD invoices and the inward supplies liable to Reverse Charge will continue to be received even if not reflecting in GSTR 2A.
Payment made to directors, which is declared as “Salary” in books of accounts and on which TDS has been deducted under section 192 of Income Tax Act, are covered under entry No. 1 of Schedule III of CGST Act. Therefore, no GST is applicable on such payment.
The refund of ITC is a key constituent of Goods and Service Tax (“GST”), and it is a pre-requisite for the department to ensure the smooth operation of the same to avoid any unnecessary increase in the cost of goods/services. However, various issues keep on evolving with the use of the system. The government has issued several GST Circulars to curb these issues. Department has received various representations seeking clarification on some issues related to refund under GST. We are really pleased to share this with you as our efforts have finally brought the sigh of relief for the taxpayers
Taxpayers are liable to Interest Payable on Gross GST liability, as declared in GSTR-3B. Section 50 of the Central Goods and Service Tax Act, 2017 contains interest related provisions.
However, whether interest is payable on the gross amount of GST liability or net amount of GST liability (i.e., after setting off ITC Balance) is still under dispute.
For the purpose of proper transition to GST, transfer of ITC lying under pre-GST regime to GST regime was a prerequisite. Taxpayers need to file TRAN-1 and TRAN-2 for this purpose. Initially, government offered a sunset date beyond which taxpayers were not allowed to transfer unutilised ITC. However, due to technical glitches at the GST portal, many taxpayers failed to file such forms by due date. Hence, the due date got further extension for filing GST TRAN-1 and GST TRAN-2. The new dates to file TRAN-1 and TRAN-2 are 31.03.2020 and 30.04.2020 respectively. Rule 117(1A) of CGST Act 2017- “[(1A)
The Office of Directorate General of GST Intelligence has released a new notification to take actions against fake ITC claims. The DGGI issued the notification in the interest of Principal Chief Commissioners and Chief Commissioners, CGST, asking them to block Input Tax Credit under the 86(1)(a) of CGST Rules 2017. As the rule suggests, the Zonal Chief Commissioners can block or unblock Input Tax Credit availed against fake invoices. The Principal DG has released the notification to take action against the ITC claims issued without the proper receipt of Goods or services. However, the notification suggested some implementation to proceed
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