Home Highlights March 2022 Year 2022 This

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1. The petitioner challenged the levy of interest and penalty for wrongly availing and utilizing Input Tax Credit (ITC). The court held that unless ITC is wrongfully...

2. Interest on delayed payment of tax. - Interest on ITC wrongly availed and utilized - Section 50 of CGST Act, 2017 amended

3. Interest u/s 50(3) of the CGST Act, 2017, in cases of wrong availment of IGST credit and reversal thereof - There will not be any interest liability u/s 50(3) of CGST...

4. Input Tax Credit (ITC) - Interest on excessive or wrongly availed and utilized - Retrospective amendment to sub-section (3) made effective as on 5-7-2022 - Section 50 of...

5. Levy of penalty - ITC wrongly availed - As such, if the respondent was of the view that the claim of ITC has been wrongly made, the only option available is to reverse...

6. The respondent, engaged in selling medicines with GSTIN 24AFKPG7000FIZZ, failed to pass on the benefit of GST rate reduction from 28% to 18% on the product "Eclat Serum...

7. Liability of interest - allegation of undue or excess claim of ITC - By virtue of the Amendment in 2022 that has retrospective effect from 2017, it is only when ITC has...

8. Services supplied before 18.07.2022, invoices proposed for price escalation. Rate of GST 18% applicable as per Section 14(a)(i) of CGST Act, 2017 on invoices issued...

9. IGST Rate Schedule u/s 5(1) - notifying rates of IGST @ 5%, 12%, 18%, 28%, 3% and 0.25% - As amended by notification dated 18-8-2017

10. The Respondent opted for GST at 5% without ITC as per Notification No. 03/2019-Central Tax (Rate) and reversed all available ITC pertaining to the financial years...

11. Profiteering - purchase of 68766- Glass for GT 03-RO Gas Stove - benefit of reduction of rate of GST 28% to 18% not passed on - directed to reduce the price of the...

12. 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...

13. Levy of Interest and penalty - reversal of transitional credit - no records to show utilization of such credit - invocation of Section 74 of the TNGST Act, 2017,...

14. The summary highlights the reversal of Input Tax Credit (ITC) due to the non-electronic filing of Form GST ITC-02 by the transferor company. The key points are: Section...

15. The transportation of coal (minerals) within a mining area, such as from the mining pit head or coal stockyard to the railway siding or beneficiation plant, for a...