GST tweak may see the return of retrospective amendments
6 years, 8 months ago

GST tweak may see the return of retrospective amendments

Live Mint  

New Delhi: The government is likely to retrospectively amend laws governing the goods and services tax to deny transitional credit to taxpayers against cesses levied in the earlier indirect tax regime. The proposed amendment to the GST law seeks to explicitly exclude cesses levied in a pre-GST regime from allowable transitional credit that can be claimed by companies. Many companies availed the transitional credit facility seeking input tax credit also for cesses such as the Krishi Kalyan cess paid in the pre-GST regime through the TRAN-1 form. It accordingly proposes to specifically amend the transitional provision in the GST law to only allow input tax credit against eligible duties and insert an explanation excluding cesses from the list of eligible duties.

Tax Gst Cbic Cesses Transitional Credit  transitional  credit  taxpayers  return  retrospective  gst  claims  tax  companies  cesses  laws  tweak  amendments

History of this topic

CGST Rules Prescribing Time-Bound Submission Of Declaration Under TRAN-1 To Claim Transitional Credit Not Directory But Mandatory: Rajasthan HC
3 months, 1 week ago

CGST Rules Prescribing Time-Bound Submission Of Declaration Under TRAN-1 To Claim Transitional Credit Not Directory But Mandatory: Rajasthan HC

Live Law  

The Rajasthan High Court has held that Rules prescribing the 'time and manner' for claiming transitional credit, in addition to the statutory procedure provided under Section 140 of the Central Goods and Services Tax Act 2017, are mandatory in nature. Petitioner contended that once it fulfilled the statutorily prescribed eligibility conditions enumerated under Section 140, non-compliance with Rule 117 would …

Cheema advocates for continuation of GST compensation regime
3 months, 2 weeks ago

Cheema advocates for continuation of GST compensation regime

Hindustan Times  

In a strong push for the continuation of the goods and services tax compensation regime, Punjab finance minister Harpal Singh Cheema on Monday strongly recommended the continuation of the GST compensation cess regime beyond March 31, 2026, to ensure that states can mitigate the revenue loss caused by the subsumation of various taxes into the indirect tax. TPunjab finance minister …

2023 Annual Digest Of GST Cases
1 year, 2 months ago

2023 Annual Digest Of GST Cases

Live Law  

Supreme Court State Amendments Made To VAT Acts After GST Came Into Effect Are Invalid : Supreme Court Citation: 2023 LiveLaw 1351 Case Title: M/S Sethi Sons Versus Assistant Commissioner And Ors. The Delhi High Court has held that the refund application was filed twice on the GST portal but could not be uploaded due to technical glitches. Citation: 2023 …

CGST Bill Passed In Parliament
1 year, 3 months ago

CGST Bill Passed In Parliament

Deccan Chronicle  

New Delhi: The Parliament on Wednesday passed a bill that will raise the cap on the age limit for president and members of goods and services tax or GST Appellate Tribunals. The central GST Appellate Tribunals bill was approved with a voice vote in Rajya Sabha and returned to Lok Sabha, which had passed the bill on Tuesday. Besides, Parliament …

Assessee Entitled To Avail Cenvat Credit Of Service Tax Already Paid During Transitional Period: Madras High Court
2 years, 6 months ago

Assessee Entitled To Avail Cenvat Credit Of Service Tax Already Paid During Transitional Period: Madras High Court

Live Law  

The Madras High Court, consisting of Justice R. Ramdevan and Justice Mohammed Shaffiq, has held that the assessee is entitled to avail cenvat credit of the service tax already paid but the assessee was unable to claim due to a transitional provision that has come into effect from 01.07.2017. The appellant/department stated that though the assessee is entitled to avail …

Supreme Court Allows 2-Months Extra Window For Availing Transitional Credit; Directs GSTN To Open Portal For TRAN-1/TRAN-2 Forms
2 years, 7 months ago

Supreme Court Allows 2-Months Extra Window For Availing Transitional Credit; Directs GSTN To Open Portal For TRAN-1/TRAN-2 Forms

Live Law  

In a relief to several assessees who missed the statutory deadline, the Supreme Court has directed the Goods and Services Tax Network to allow a 2-month additional window from September 1, 2022 to October 31, 2022 for claiming Transitional Credit.TRAN-1 and TRAN-forms were brought to allow assessees to carry forward pre-GST credits to the GST system. In a relief to …

What they plan to fix in the next GST Council meeting
3 years, 7 months ago

What they plan to fix in the next GST Council meeting

Live Mint  

The goods and services tax Council will soon meet to discuss extension of GST compensation to states beyond 2022, and will attempt to fix certain tax anomalies. The council is expected to examine demands from states for extending the period of GST compensation beyond June 2022, when the five-year transition period into the new indirect tax system ends. Accepting the …

Digitization Is For The Convenience Of Tax Payers Not To Harass Them; Bombay High Court On Transition Of Credit Denial Due To Technical Glitch In GST Network
4 years, 4 months ago

Digitization Is For The Convenience Of Tax Payers Not To Harass Them; Bombay High Court On Transition Of Credit Denial Due To Technical Glitch In GST Network

Live Law  

The Bombay High Court on Thursday while granting relief to BMW India Financial Services limited in a matter relating to denial of transition of credit of over Rs.17 lakhs despite successful submission of TRAN-1 form, observed that the whole objective of digitization is to convenience the taxpayers not to harass them. Court directed the GST Maharashtra Commissionerate, GSTN and the …

GST Council Meet Approves Extension of Compensation Cess Beyond 2022, Say Sources
4 years, 5 months ago

GST Council Meet Approves Extension of Compensation Cess Beyond 2022, Say Sources

News 18  

According to top officials in the finance ministry, the 42nd Goods and Services Tax Council meeting headed by Finance Minister Nirmala Sitharaman has approved the extension of the GST compensation cess levy beyond 2022. The rift between BJP-ruled and opposition-led states may widen with the former set to seek faster disbursement of funds through the special borrowing window proposed by …

Temporary Retention of GST Cess Pending Reconciliation Not Diversion, Says Finance Ministry
4 years, 5 months ago

Temporary Retention of GST Cess Pending Reconciliation Not Diversion, Says Finance Ministry

News 18  

Finance ministry sources have countered CAG audit finding of central government wrongly retaining Rs 47,272 crore of GST compensation cess meant for states, saying temporary retention cannot be termed as diversion. Days after the Comptroller and Auditor General flagged that the Centre in first two years of the GST implementation wrongly retained GST compensation cess that was meant to be …

Temporary retention of GST cess pending reconciliation not diversion: Finance Ministry sources
4 years, 5 months ago

Temporary retention of GST cess pending reconciliation not diversion: Finance Ministry sources

The Hindu  

Finance ministry sources have countered CAG audit finding of Central government wrongly retaining ₹ 47,272 crore of GST compensation cess meant for states, saying temporary retention cannot be termed as diversion. Days after the Comptroller and Auditor General flagged that the Centre in first two years of the GST implementation wrongly retained GST compensation cess that was meant to be …

GST: Focus shifts to enforcement actions, returns, refund simplification
6 years, 2 months ago

GST: Focus shifts to enforcement actions, returns, refund simplification

Live Mint  

New Delhi: It faced a huge political backlash and became the butt of jokes with opponents calling it ‘Gabbar Singh Tax’, but weathered all of it in 2018 and its proponents are confident the GST is fast emerging as a strong tax-compliance tool and may eventually evolve into a single-slab taxation rate. Like any reform, the GST faced its own …

Gujarat HC Issues Notice To Centre, GST Council On Challenge Against CGST Rule On Filing, Revising TRAN-1 [Read Petition]
6 years, 8 months ago

Gujarat HC Issues Notice To Centre, GST Council On Challenge Against CGST Rule On Filing, Revising TRAN-1 [Read Petition]

Live Law  

The Gujarat High Court has issued notices to the Centre and the GST council on a petition challenging the constitutional validity and vires of Rule 117 of the Central Goods and Services Tax Rules-2017 on the ground that it restricts the time limit for filing and revising of GST TRAN-1 to the extent of only 180 days from the appointed …

Gujarat HC Issues Notice To Centre, GST Council On Challenge Against CGST Rule On Filing, Revising TRAN-1 [Read Petition]
6 years, 8 months ago

Gujarat HC Issues Notice To Centre, GST Council On Challenge Against CGST Rule On Filing, Revising TRAN-1 [Read Petition]

Live Law  

The Gujarat High Court has issued notices to the Centre and the GST council on a petition challenging the constitutional validity and vires of Rule 117 of the Central Goods and Services Tax Rules-2017 on the ground that it restricts the time limit for filing and revising of GST TRAN-1 to the extent of only 180 days from the appointed …

Denial Of Transitional Credit: Gujarat-Based Firm Moves HC; Notice Issued To Centre, GST Council [Read Petition]
6 years, 11 months ago

Denial Of Transitional Credit: Gujarat-Based Firm Moves HC; Notice Issued To Centre, GST Council [Read Petition]

Live Law  

The Gujarat High Court has issued notices to the Centre, the GST Council, GST network and the state of Gujarat on a petition moved by a Vadodara-based company and its shareholder urging that certain provisions of the Gujarat GST Act and the Central GST Act be declared unconstitutional and ultra vires in as much as it denies transitional credit.A bench …

FinMin says revenue won't suffer despite Rs 65,000 cr-GST transition credit claim
7 years, 6 months ago

FinMin says revenue won't suffer despite Rs 65,000 cr-GST transition credit claim

Deccan Chronicle  

New Delhi: The finance ministry on Friday sought to dispel concerns about Rs 65,000 crore transitional credit claims saying that the Centre's revenue kitty will not go down because of these claims. However, businesses also claimed credit for past taxes paid in the form of excise and service tax worth Rs 65,000 crore. The finance ministry in a statement said …

Cenvat Credit Rules Amended To Enable Carry Forward Of Unavailed Credit Of Service Tax Under GST
7 years, 9 months ago

Cenvat Credit Rules Amended To Enable Carry Forward Of Unavailed Credit Of Service Tax Under GST

Live Law  

The Centre has amended Cenvat Credit Rules 2004, vide notification No. 15/2017-Central Excise issued on Monday, that would enable service recipients to carry forward unavailed credit of service tax under the GST regime.According to the notification, Cenvat credit, in respect of such services which remain unavailed of on the day immediately preceding the ‘appointed day’, may be availed. 15/2017-Central Excise …

GST on the anvil: Budget can clear the air over input tax credit, unutilised education cess
8 years, 1 month ago

GST on the anvil: Budget can clear the air over input tax credit, unutilised education cess

Firstpost  

The biggest focus of the government is to finalise all contentious issues between Central and States and placing GST model laws for final approval of both Houses of Parliament It is finally the season for Union Budget 2017, the most awaited event of this year primarily on account of imminent arrival of Goods and Services Tax. In order to correct …

Budget 2014: Committed to GST, high level committee to clarify retrospective tax, says FM
10 years, 8 months ago

Budget 2014: Committed to GST, high level committee to clarify retrospective tax, says FM

Firstpost  

The Finance Minister said that all cases rising out of retrospective tax law that have already been passed will be analysed by a high level committee of CBDT before any further action is taken. The Finance Minister today said that the government was committed to not bringing any new taxes with retrospective effect in order to provide a stable taxation …

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