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recredit of rejected itc refund
GST Refund
CA. Kapil Mittal

Input tax credit of rejected refund amount can be taken manually by taxpayer if not recredit by tax authorities

Where rejection of refund claim by the GST authorities, the rejected ITC should be recredit to Input tax credit ledger of taxpayer for utilisation. However Since there is no mechanism to do so, this resulted in certain difficulties to taxpayers in cases where the existing Input Tax Credit (‘ITC’) was not recredited by tax authorities for utilisation.  In this case, the Gujrat High Court (‘HC’) has provided valuable guidance on the subject in the case of M/s. Garden Silk Mills Ltd. Vs. Union of India (R/Spl Civil Appl No. 7397 Of 2018) vide order dated 11 April 2019. It has

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12/06/2019
Verification of Transitioned Credit
Input Tax Credit
CA. Sachin Jindal

Verification of Transitioned Credit – Snapshots

CBEC has issued a detailed circular no. D.O.F. No. 267/8/2018-CX.8 on Verification of Transitioned Credit to GST through Form TRAN-1. Key aspects are stated below:  Credit verification to be remain the primary focus area during Fy 18-19. Credit verification to take place by CGST authorities even if the jurisdiction is with state Credit of KKC/SBC/E cess is not eligible Each line wise data in Tran-1 to be verified in detail Supporting documents and other info to be sought from assessee Credit taken in excess of INR 25 Lakhs is being verified  List of 50000 assessee is being targeted for initial verification

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24/05/2019
Matching of ITC
Input Tax Credit
CA. Kapil Mittal

INPUT TAX CREDIT UNDER GST | MATCHING | REVERSAL | RECLAIM

Goods and Service Tax (“GST”) is a value addition based tax, i.e., tax should be paid on value added only and therefore, is it framed on two fundamental pillars, i.e., output tax liability and Input Tax Credit (“ITC”). With introduction of GST, government wanted to overcome all possible issues confronted by department and taxpayer in pre-GST regime. One of crucial issue was to check matching of Input Tax credit claimed by taxpayer, such as, under Service Tax, Central Excise or Value Added Tax (“VAT”) department was not able to verify correctness of ITC claimed by taxpayers without manual intervention. Considering

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04/05/2019
Manner of Utilisation of ITC
Input Tax Credit
CA. Sachin Jindal

Order of Utilisation of Input tax credit

Input Tax Credit (“ITC”) is a fundamental concept of Goods and Service Tax (“GST”). GST is levied in 3 forms viz. Integrated Goods and Service Tax (“IGST”), Central Goods and Service Tax (“CGST”) and State/Union Territories Goods and Service Tax (“SGST/UTGST”).

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03/05/2019
refund of ITC to fabric manufacturer
GST Refund
CA. Sachin Jindal

Refund of ITC to fabric manufacturer and textile job worker

Refund of accumulated Input tax credit to fabric manufacturer and fabric processor in textile sector on account of inverted duty structure has been disallowed initially. Such dis-allowance was in pursuant to power vested under section 54(3), department issued Notification No. 5/2017-Central tax (Rate) dated 28th June, 2017 wherein it specified list of items on which no refund will be allowed on ground of inverted duty structure. There after some major circular and notification have been issued by department to allow refund of ITC to fabric manufacturer and textile job worker on account of inverted duty structure. Accordingly, the latest CBIC

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10/04/2019

Transfer of Stock and Input credit under GST

Purpose of GST TRAN – 1 GST TRAN – 1 is the form provided under GST in accordance with the transition provision in the form provided under GST in accordance with the transition provision. The purpose of GST TRAN – 1 is the form provided under GST in accordance with the transition provision is to collect information with respect to an inputs tax credit of Cenvat and VAT available under existing law so that the same can be transferred to electronic credit ledger under GST and Registered person can utilize this credit for the payment of CGST and SGST. Section

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10/07/2017
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