Gst Credit

Income tax department keeps tolerance range intact for transfer pricing

"It would have been worthwhile if the said range could have been revisited and reviewed," Amit Maheshwari, tax partner at AKM said

SC stays Delhi HC order on transitional GST credit on Centre's SLP

Case relates to rule 117 of CGST Act, which set 90-day limit for claiming transitional Cenvat credit from date of GST roll on July 1, 2017. HC held that the time limit is directional and not mandatory

HC rejects revenue dept arguments, allows pre-GST credit till June 30

Court says 90-day limit after GST rollout under rule 117 of CGST Act, on which revenue dept relied, is directional, not mandatory

Parliamentary panel asks govt to prevent misuse of GST input tax credit

Two years after its launch, the government has begun the review of GST, including a possible resetting of rates along with the slabs, the Standing Committee on Finance headed by Jayant Sinha said

Promoters, directors, revenue dept get automatic SMS alerts for GST default

Discrepancy in GSTR-3B (summary returns) and GSTR-1 (supplies return), and generating e-way bill but not filing returns, are also the parameters based on which alerts are generated

Haryana tax dept issues circular, asks officers to block input GST credit

Though the reasons cited in the circular issued to block the credit may be genuine such as unutilisation of inputs for furtherance of business