Daily Archives: February 9, 2019

Revised List of Inadmissible Input Tax Credits (ITC) Under GST from 01.02.2019

By | February 9, 2019

Inadmissible Input Tax Credits (ITC) Under GST Section 17(5) of CGST Act 2017 has been amended by CGST (Amendment) Act 2018. Below is the summary of Inadmissible / Blocked Input Tax credits under GST Act, as per amended Section 17(5): Summary of Inadmissible / Blocked Input Tax credits under GST Clause ITC not available on Exceptions (a) Motor vehicles… Read More »

What is the Life of GST Input Tax Credit 

By | February 9, 2019

 What is the Life of GST Input Tax Credit   What is the Time limit to avail the Input  Tax Credit ? A registered person is not entitled to avail input tax credit on tax invoice/ debit notes after the due date of furnishing of the return under section 39 for the month of September of… Read More »

GST Input tax Credit Set off Rules Changed from 01.02.2019

By | February 9, 2019

GST Input tax Credit Set off Rules Changed from 01.02.2019 इनपुट टैक्स क्रेडिट नियम बदल दिया गया The criteria for setting off of Input Tax Credit (ITC) has been changed under GST thru Central Goods & Services Tax (Amendment) Act 2018, which has been made effective from 1st February 2019. As per old rules, following was the priority of set-off… Read More »

Notification No 8/2019 – Central Tax : GSTR 7 (TDS Return) date Extended for Jan 2019

By | February 9, 2019

Seeks to extend the due date for furnishing of FORM GSTR – 7 for the month of January, 2019 till 28.02.2019 [To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section(i)]Government of IndiaMinistry of Finance(Department of Revenue)[Central Board of Indirect Taxes and Customs]Notification No. 8/2019 – Central Tax New Delhi, the… Read More »

Direct and Indirect Taxes FY 2017-18 and 2018-19

By | February 9, 2019

Ministry of Finance Direct and Indirect Taxes Posted On: 08 FEB 2019 The details of Net Direct Tax Collections during the Financial Year (FY) 2017-18 and FY 2018-19 (up to January, 2019) are as under:                            (Rs. in Crore) Financial Year Total Direct Tax 2017-18   10,02,037 2018-19 *(up to January, 7,88,930 2019)  … Read More »