Availability of ITC on construction costs has been restricted retroactively from July 1, 2017, impacting commercial real ...

Industry bodies FICCI and Assocham have demanded that real estate developers should be allowed to claim Input Tax Credit (ITC ...

The Goods and Services Tax Network (GSTN ... Experts say GSTR-2B is a critical document that allows buyers to claim Input Tax Credit (ITC). Unless the suppliers updates it accurately the buyer ...

Input Tax Credit is Not Restricted if the Construction of Premises Satisfies the Functional Utility Test and is Germane to Business In the case of Chief Commissioner of Central Goods and Services Tax ...

In a general procedure hearing that was later moved under the informal procedure rules and rendered on December 17, 2024, the ...

Insurers argue that a complete exemption will lead to denial of input tax credit and the increased costs will have to be ...

Please note Section 16 (2) (c) of the CGST Act, 2017, which governs ITC eligibility, has become a major source of contention, particularly concerning supplier defaults. This section stipulates that ...

Section 110(A) of the Tax Code, as amended, identifies the transactions creditable against output tax. Among the transactions are the purchase or importation of goods for sale, for conversion into or ...

Mumbai-listed mining conglomerate Vedanta Ltd on Saturday (February 8) said it has received two orders, dated February 6, ...

Officials of the Goods and Services Tax and Central Excise Commissionerate, Puducherry, have arrested a person after discovering that he had availed himself of fake input tax credit to the tune of ...

Input tax credit (ITC) refers to the GST (goods and services tax) paid on the purchase of goods and services that are used for the business. Today, restaurants fall under the 5% GST rate ...