Input Tax Credit

Input Tax Credit News

One year of GST: Council now needs to bridge existing gaps to improve ease of doing business countrywide
Business

One year of GST: Council now needs to bridge existing gaps to improve ease of doing business countrywide

From the fiscal perspective, GST is expected to expand the tax net in the long run, resulting in increased tax revenue.

Govt targets roll out of new GST return forms by 1 January, says Hasmukh Adhia
Business

Govt targets roll out of new GST return forms by 1 January, says Hasmukh Adhia

The GST Council had in its last meeting on 4 May approved the design of new return forms.

Trying to avoid paying GST? GSTN working on data analysis tools to help taxmen check tax evasion
Business

Trying to avoid paying GST? GSTN working on data analysis tools to help taxmen check tax evasion

GST Network (GSTN), the company handling the technology backbone for Goods and Services Tax, has over the last 11 months provided a platform for businesses to file their returns and pay taxes every month.

GST refund drive extended by two days to 16 June post overwhelming response, says government
Business

GST refund drive extended by two days to 16 June post overwhelming response, says government

Govt said that GST refunds worth over Rs 7,500 crore were already sanctioned as a part of this drive till now compared to Rs 5,350 crore sanctioned in the earlier drive which lasted from 15 to 29 March

GST input tax credit scam worth Rs 450 crore busted; fake bills provider still at large
Business

GST input tax credit scam worth Rs 450 crore busted; fake bills provider still at large

To pocket Rs 450 crore, several businesses are said to have issued fake bills worth around Rs 2,500 crore.

GST bandwagon faces more blocks as states say no to including petroleum products
Business

GST bandwagon faces more blocks as states say no to including petroleum products

While GST was rolled out on 1 July, real estate as well as crude oil, jet fuel or ATF, natural gas, diesel and petrol were kept out of its purview.

Govt to soon finalise anti-profiteering rules, working to remove glitches in e-way bills process: CBEC
Business

Govt to soon finalise anti-profiteering rules, working to remove glitches in e-way bills process: CBEC

Official says under GST 15 states have already agreed for smooth implementation of intra-state movement of goods via e-way bills from 1 February

Restaurant owners want input tax credit back, cut in number of licences ahead of GST Council meet
Business

Restaurant owners want input tax credit back, cut in number of licences ahead of GST Council meet

There are three B2B service industries closely linked with restaurant industry, which are banking, insurance and real estate

Delayed refund to exporters in GST regime leads to job loss in labour intensive sector, says Amit Mitra
Business

Delayed refund to exporters in GST regime leads to job loss in labour intensive sector, says Amit Mitra

Amit Mitra says problem lies in the GST refund delivery mechanism because of manual processing of refund application

GST pricing diktat: Didn't govt indulge in profiteering too by not cutting petroleum prices?
Business

GST pricing diktat: Didn't govt indulge in profiteering too by not cutting petroleum prices?

The charge of profiteering will not stick unless the government promulgates a price control order across the board for all commodities and services which is well nigh impossible

National Anti-Profiteering Authority is an assurance to consumers of India, says Ravi Shankar Prasad
Business

National Anti-Profiteering Authority is an assurance to consumers of India, says Ravi Shankar Prasad

National Anti-Profiteering Authority under GST will work as a watchdog to ensure smooth transfer of benefits

Cabinet clears setting up of National Anti-Profiteering Authority for speedy redressal of GST related complaints
Business

Cabinet clears setting up of National Anti-Profiteering Authority for speedy redressal of GST related complaints

GST Council had last week decided to slash tax rates of over 200 items in the GST regime

ICRA says 5% GST on non-5 star restaurants is positive, will bring down dining-out cost
Business

ICRA says 5% GST on non-5 star restaurants is positive, will bring down dining-out cost

Currently, 12 percent GST on food bill is levied in non-AC restaurants and 18 percent in air-conditioned ones

GST relief: Deadline to file returns extended to 28 August for biz with transitional credit
Business

GST relief: Deadline to file returns extended to 28 August for biz with transitional credit

Those taxpayers that do not claim any transitional input tax credit will have to necessarily pay tax and file return in Form 3B before the due date of 20 August, the ministry said.

GST stocktaking-III: States need to work on improving infra, create employment. Will they?
Business

GST stocktaking-III: States need to work on improving infra, create employment. Will they?

State governments having to walk an extra mile to create the right environment for industries to thrive

GST impact: This festive season discounts, freebies, buy-one-get-one free schemes unlikely to come your way
Business

GST impact: This festive season discounts, freebies, buy-one-get-one free schemes unlikely to come your way

With launch of GST, not just fashion retailers, even makers of packaged food products are also doing away with discounts

GST: Eateries should cut rates of food items cashing in on input tax credit:, says Hasmukh Adhia
Business

GST: Eateries should cut rates of food items cashing in on input tax credit:, says Hasmukh Adhia

Restaurants, hotels and eateries should cut rates on food items in their menu to reflect the benefit of being able to set off tax paid on inputs under GST, Revenue Secretary Hasmukh Adhia said today.

GST: Gifts worth up to Rs 50,000 by employer exempt, experts say welcome relief for industry
Business

GST: Gifts worth up to Rs 50,000 by employer exempt, experts say welcome relief for industry

The ministry said the services by an employee to the employer in the course of or in relation to his employment is outside the scope of GST

GST explainer part-II: Is India ready? How will your household budget get affected?
Business

GST explainer part-II: Is India ready? How will your household budget get affected?

Can you complain to the anti-profiteering authority if the neighbourhood store is not reducing prices? You can but probe will be on the manufacturer

Finance Ministry starts notifying provisions of GST acts, amends rules
Business

Finance Ministry starts notifying provisions of GST acts, amends rules

Provisions in the Central GST Act (CGST), Integrated GST (IGST) Act and Union Territory GST Act and rules under them are being notified.