E-PaperTax Credit News
DoT backs refund of input tax credits for telecom sector
Though GST rules permit companies to claim refunds for taxes paid on inputs, telecom infrastructure remains specifically excluded.
2 min read21 Dec 2021DoT backs refund of input tax credits for telecom sector
Though GST rules permit companies to claim refunds for taxes paid on inputs, telecom infrastructure remains specifically excluded.
2 min read21 Dec 2021GST rule change to limit input tax credits
Since October ’19, the government has cut tax credits available to businesses where vendors fail to upload details
1 min read20 Sep 2021Fake billing scam: GST officers unearth tax credit racket worth ₹1,278 cr in Delhi, nab 1
The syndicate was being operated by floating seven different fake firms with the intent of passing of inadmissible credit to the tune of ₹137 croreThe GST officers raided more than 9 places, spread over different locations in the national capital and Haryana
2 min read30 Oct 2020How you can claim FTC under double tax avoidance treaty for sale of property in UK
If you are an ROR (resident and ordinarily resident) in India, the sale of the UK property shall be taxed in India
2 min read22 Jun 2020ITC cannot be availed on GST paid for hiring vehicles for employee transportation
The company also hires taxi for tour/OB recordings with the stateThe AAR in its ruling said since the applicant failed to cite any law under which the service of providing transportation facility to its employees is obligatory, ITC will not be available
1 min read21 Jun 2020GST officials detect fake invoices, arrest 3 in Delhi
Officers of the Central GST Delhi East Commissionerate detected that the fraudulently availed input tax credit by these firms was used to file refund claims to the tune of ₹11.55 croreDuring investigation it was found that the 17 firms existed only on paper and had been floated for passing on input tax credit by generation of fake invoices
1 min read2 Mar 2020Tax credit curbs pinch biz as revenue officials scramble to meet goals
Ensuring a smooth flow of tax credits is essential to the proper working of GST, some tax experts saidThe revenue department has set a target of ₹1.15 trillion, each, for January and February, and ₹1.25 trillion for March, against the monthly average of ₹1 trillion so far in FY20
2 min read23 Jan 2020Govt frames new rules for companies to claim provisional tax credits
Move is aimed at checking evasion, revenue leakage at a time when GST revenue growth has been below targetThe changes will come into force on the date of its publication in the official gazette, which is expected shortly
1 min read10 Oct 2019Salary received abroad by ‘resident and ordinary resident’ is taxable in India
You may evaluate claiming foreign tax credits under the India-US Double Tax Avoidance Agreement, for the taxes, if any, paid in the US on the salary received during the assignment, subject to satisfaction of conditions
1 min read15 Sep 2019Popular Topics
Budget
The Union Budget contains details about the estimated receipts and the expenditure of the government for a particular fiscal year. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year. Here is a quick guide on how the Union Budget is prepared