Home Highlights August 2015 Year 2015 This

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1. Input Tax Credit - Reversal / refunding of ITC - the Integrated Goods and Service Tax (IGST) was not paid and ‘NIL’ return had been filed by the seller but the...

2. Input tax credit - Denial of ITC in the hands of purchasing dealer or recovery from the seller for failure to deposit the tax - Prior to amendment and substitution of...

3. Advance Ruling application on maintainability - Reversal of input tax credit to extent of tax element in credit note - no agreement between parties on credit notes not...

4. Adjustment of tax liability – Out of input tax credit available – dealer can adjust current year tax liability out of Input Tax Credit available in credit of dealer -...

5. Input Tax Credit - purchases made from the seller who had discharged its tax liability but the preceding seller has not discharged its liability under the Act - If the...

6. The High Court dismissed the petition seeking refund of Input Tax Credit (ITC) accrued under the Value Added Tax (VAT) regime upon transition to the Goods and Services...

7. Migration from Composition Scheme to regular scheme of GST payment - Permission to petitioner to file ITC-01 FORM to avail its eligible ITC or input lying on the stock...

8. Reversal of Input Tax credit / ITC - financial credit note is issued for part amount of invoice - the financial credit note shall not be used as a conduit to transfer...

9. Input Tax Credit - credit was not effected in Form GSTR-2A - If on examination of the evidence submitted by the assessee, the assessing officer is satisfied that the...

10. Reversal of Input Tax Credit (ITC) on furnace oil and LSHS oil - the furnace oil was used in the process of manufacturing of the final product and it has to be treated...

11. This trade circular clarifies the availability of input tax credit (ITC) on demo vehicles used by authorized dealers for motor vehicles. The key points are: ITC is...

12. Input tax credit - duty paying invoices - case of petitioner is that the petitioner had availed Input Tax Credit on the strength of invoices issued by dealers who had...

13. The circular clarifies the availability of input tax credit on demo vehicles used by authorized dealers for providing trial runs and demonstrating features to potential...

14. Entitlement to claim input tax credit - The AAR concluded that the applicant is not entitled to claim ITC for expenses incurred specifically for the restaurant service...

15. Reversal of Input Tax Credit (ITC) - Availing ineligible input tax credit (ITC) - Necessary particulars as demanded were supplied or not - The...