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

The GST Amnesty Scheme, effective from November 1, 2024, under Section 128A of the CGST Act, 2017, offers a waiver of interest and penalties on tax demands for FY 2017-18, 2018-19, and 2019-20, ...

The Supreme Court recently held that Rule 21(8) of the Punjab Value Added Tax Rules, 2005, which was notified on January 25, ...

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 ...

Input tax credit (ITC) helps reduce the tax outgo for ... added Jain. The proposed provision overturns a SC judgement in the case of Safari Retreats, a real estate developer, who was constructing ...

However, since the law is still relatively new, the actual tax effect over time remains to be seen. Under the ... Act also contains provisions for an electric vehicle tax credit.

The federal child tax ... provisions in the Tax Cuts and Jobs Act (TCJA). (More on that below.) The CTC for the 2024 tax year is worth up to $2,000 per qualifying child under 17. However, the ...

FICCI and Assocham urge the Indian government to allow input tax credit (ITC) for commercial properties built for leasing, ...