Tag Archives: Input tax credit

New method of ITC Reversal of Credit Notes in New GST Return

By | August 19, 2019

New method of ITC Reversal of Credit Notes in New GST Return Negative GST Liability reporting in New GST Return Filing : GST RET 1, 2 and 3 New GST Return Key Features [Video]  New GST Returns Key Features New GST Return Filing for Small and Large Taxpayers : Transition Plan New GST Return Filing… Read More »

Rule 88A CGST :ITC Utilization : Commentary

By | April 29, 2019

Rule 88A CGST :ITC Utilization : Rule 88A of CGST Rules 2017 deals with Order of utilization of input tax credit under CGST Act 2017 . Here is the commentary on Rule 88A of CGST Rules Commentary on Rule 88A of CGST Rules 2017 Rule 88A of CGST Rules 2017 is Inserted by Central Goods… Read More »

GST Dept can arrest Managing Directors if ITC claimed on Fake Invoices : HC

By | April 25, 2019

Since offence under Section 132 is made out and Senior Officials of Company are behind bars, Petitioner being Managing Director is responsible and Department has the right to proceed under Section 69 and 70 of the Act. HIGH COURT OF RAJASTHAN Bharat Raj Punj v. Commissioner of Central Goods & Service Tax Department, Jaipur PANKAJ… Read More »

Can you use ITC to pay wrong ITC ?

By | March 26, 2019

Can you use ITC to pay wrong ITC ? गलत आईटीसी का भुगतान करने के लिए आईटीसी का उपयोग Related post How to Claim Excess ITC of GSTR 2A New Auto Reconciliation of Input Tax Credit on GST Portal How to Reverse Incorrect Input Tax Credit ? How to Claim Missed Input Tax Credit of… Read More »

ITC Reversal On Expired Items under GST

By | March 25, 2019

Distributor has inventory of expired drugs. As per the contract, the manufacturer will not accept return of expired drugs. Hence the distributor is forced to destroy. How to deal with reversal of ITC? Circular No. 72/46/2018 explains from the angle of Manufacturer, in case of return of expired drugs. but practically and genuinely there are… Read More »