The idea and objective of implementing GST was to avoid cascading effect and claim input tax credit without any restrictions. The input tax credits available as on 30th June 2017 was allowed to be carried forward as credits under GST amid certain restrictions. Rule 117 of the CGST rules prescribes time limit to for transitioning of credit. Delhi High Court recently passed a landmark judgement in this matter.
Summary of the Notifications issued by CBIC on 03rd April 2020 1Option to opt for Composition scheme (Filing of CMP 08)Due date extended to 30th June, 20202Filing of form ITC 03Due date extended to 31st July, 20203Proviso added to Rule 36(4) CGST Rules, 2017 – Restriction of 10% to claim ITCFor the periods February, March, April, May, June, July and August 2020 – cumulative ITC restriction will be takenand the return in GSTR 3B for the tax period of September 2020 shall be furnished with the cumulative adjustment of input tax credit for the said months.
Who can generate E- Way bill? Every registered person who causes movement of goods of consignment value exceeding Rs. 50,000/- In relation to supplyOther than supplyInward supply from unregistered person It means, the consignor or consignee, as a registered person or a transporter of the goods can generate the e-way bill (primary liability to raise E-way bill is on consignor. However, if consignor fails to generate the e-way bill, it may be generated by transporter also) In case of supply of goods by an unregistered person to registered person, the liability to generate e-way bill is on the recipient.
Input Tax Credit CA Chandrasekhar Kutty The concept of input credit is the core of GST and there is seamless credits available meaning thereby whether you are buying inter state or intra state you can set offyour output tax with the input tax credit available. Similarly tax paid for goods can be set off against the output tax payable on services. This is a major shift in the GST era where all the inputs used for the business can be used to set off the output tax of the same business, though there are few exceptions to that. Before understanding the concept it is important for us to understand few definitions under GST law: What is Input? Section 2(59) of the CGST Act defines it as “Goods other than capital…
Govt. enacts the CGST (Amendment) Act 2018, the IGST (Amendment) Act 2018, the UTGST (Amendment) Act 2018 and the GST (Compensation to States) Amendment Act 2018, by publication in Official Gazette; Acts received Presidential assent on August 29, 2018.