GST

GST EXEMPTIONS DISRUPT INPUT TAX CREDIT CHAIN, WILL COMPLEX GST: CBIC CHIEF

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Exemptions or lower rate of taxation sought by industry on some items breaks the input tax credit (ITC) chain, leading to complexity in the goods and services tax (GST) structure, Central Board of Indirect Taxes and Customs (CBIC) Chairman Sanjay Agarwal said on Wednesday. Agarwal also said that indirect tax authorities would soon start sending …

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Introduction of Electronic Credit Reversal and Re-claimed statement- Latest CBIC Advisory dated 31.08.2023

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CBIC vide Notification No. 14/2022 Central Tax dated 05.07.2022 has provided for certain changes in FORM GSTR-3B so as to enable the taxpayers in reporting correct information regarding Input Tax Credit (ITC) availed, ITC reversal, ITC re-claimed and ineligible ITC. Currently, the invoices not meeting the necessary conditions for availing ITC shall be reversed in …

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