Itc Related Articles

Mar - 2024

22

GST Compliance: Year-End Checklists

GST Compliance: Year-End Checklists

GST Compliance: Year-End Checklists With the end of the fiscal year approaching and the onset of a new one, it's imperative for companies to engage in several activities related to the Goods and Services Tax (GST) to remain compliant and enhance efficiency. These activities, including registering, ...

Jan - 2024

09

FSSAI License Requirements for Cloud Kitchens in India

FSSAI License Requirements for Cloud Kitchens in India

FSSAI License Requirements for Cloud Kitchens in India The food industry has recently seen a significant surge in cloud kitchens in India and internationally. In India, running a cloud kitchen mandates adherence to several regulations. One key requirement is securing an FSSAI license/FSSAI Registr ...

Aug - 2023

09

Input Tax Credit

Input Tax Credit

Input Tax Credit In India, the Goods and Services Tax (GST) applies not only to final products but also to the raw materials and services used by manufacturers and suppliers to create these products. Furthermore, when these finished goods are supplied to the consumer, they are again taxed under GST ...

Dec - 2021

30

Central Goods and Services Tax (Tenth Amendment) Rules, 2021

Central Goods and Services Tax (Tenth Amendment) Rules, 2021

Central Goods and Services Tax (Tenth Amendment) Rules, 2021 The Central Board of Indirect Taxes and Customs (CBIC), vide a Notification No. 40/2021 – Central Tax -dated 29th December 2021, notified Central Goods and Services Tax (Tenth Amendment) Rules, 2021. With this notification, CBDT announ ...

Nov - 2021

25

Reverse Charge Provisions for Builders

Reverse Charge Provisions for Builders

Reverse Charge Provisions for Builders Generally, under GST, the service provider is liable to pay the tax. However, the Reverse Charge is a system via which the service receiver is held liable to pay the tax. Notably, section 9(3); section 9(4) and section 9(5) of the Central Goods and Services ...

Oct - 2021

23

GSTN Advisory on Form GSTR-2B

GSTN Advisory on Form GSTR-2B

GSTN Advisory on Form GSTR-2B The Goods and Service Network (GSTN) on 18th October 2021 has issued an advisory on Form GSTR-2B which is an auto-drafted ITC statement, generated for every normal taxpayer based on the information furnished by their suppliers in their respective GSTR-1/IFF, GSTR-5 (no ...

Oct - 2020

15

Clarification on cumulative applicability of rule 36(4)

Clarification on cumulative applicability of rule 36(4)

Clarification on cumulative applicability of rule 36(4) The present article covers the recent clarification issued by the Central Board of Indirect Taxes and Customs, vide circular no. 142/12/2020- GST dated 9th October 2020, with regard to the applicability of rule 36(4) of the Central Goods and ...

Sep - 2020

02

GSTR-2B - Auto-drafted Input Tax Credit Statement

GSTR-2B - Auto-drafted Input Tax Credit Statement

GSTR-2B - Auto-drafted Input Tax Credit Statement Recently, the Central Board of Indirect Taxes and Customs has launched Form GSTR-2B. Form GSTR-2B is a static auto-drafted statement which contains input tax credit details. The form will indicate availability/ non-availability of input tax credit t ...

Jul - 2020

25

Blocked Input Tax Credit – Rule 86A

Blocked Input Tax Credit – Rule 86A

Blocked Input Tax Credit – Rule 86A The main objective of introducing the ‘Goods and Services Tax’ is a seamless flow of input tax credit at each stage. However, with the passing times, various fraudulent activities like issuance of invoices without actual supply, issuance of fake invoices, etc. ha ...

Jul - 2020

09

Form GST ITC-02A

Form GST ITC-02A

Form GST ITC-02A Form GST ITC-02A is used, by the registered person having multiple business places within a State/ Union territory, for transferring Input Tax Credit from the transferor entity to the newly registered entity. The present article helps to understand the provisions attached with t ...

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