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REFUND OF ACCUMULATED ITC
GST 2.0 revived demand. Now industry wants its tax credit unstuckThe GST Council is set to reconvene after a year to focus on reforming the input tax credit system. Recent surveys by KPMG and Deloitte hig...- FISME seeks GST overhaul to ease MSME complianceFISME seeks Goods and Services Tax reforms to ease MSME compliance burdens. They propose a safe harbour for input tax credit and faster GST...
- MSMEs and GST@9: Journey so far and next phase of reformsFor India Inc., including MSMEs, the focus appears to have shifted from stabilisation to optimisation, as confidence grows on account of di...
- Infosys clarifies on Rs 415 crore show cause notice by DGGIInfosys has filed a writ petition in the Karnataka High Court challenging a Rs 415 crore show cause notice from the DGGI concerning alleged...
- DGGI issues Rs 415 crore showcause notice to Infosys over alleged ineligible ITC refundsThe Directorate General of GST Intelligence has issued a showcause notice to Infosys for allegedly claiming ineligible input tax credit ref...
- Fertiliser business faces ITC pile-up despite revisionFertiliser companies face a GST input tax credit accumulation issue. This is due to the subsidy-related price inversion. The output value i...
- Insurance companies bear the burden of GST exemptions, have to reverse accumulated ITCFollowing GST revisions, individual life and health insurers face the burden of reversing Input Tax Credit accumulated until September 21, ...
- FAI seeks cut in GST rates for fertiliser raw materials, refund of accumulated input tax creditThe Fertiliser Association of India (FAI) has urged the government to reduce GST rates on key raw materials like ammonia and sulphuric acid...
- Food Ministry forwards veg oil GST refund request to Finance MinistryThe food ministry has urged the finance ministry to lift GST refund restrictions on vegetable oils, a move impacting SMEs due to inverted d...
- Vegetable oils body seeks removal of GST refund restrictionsThe IVPA is urging the government to remove restrictions on tax credit refunds implemented in July 2022, arguing that these curbs are creat...
- Easing working capital under GST: Unlocking the value of accumulated ITC in GST 2.0As India marks eight years of GST, businesses urge reforms to boost working capital efficiency. A Deloitte survey reveals growing confidenc...
- Government hikes GST for cut & polished diamonds from 0.25% to 1.5%Gem and Jewellery Export Promotion Council (GJEPC), the apex body of gem and jewellery trade in India, through a series of representations,...
- Uniform 12% GST rate for MMF textiles to reduce compliance burden: Govt“This will help the MMF segment grow and emerge as a big job provider in the country,” the textiles ministry said in a statement, adding th...
- GTC seeks to intervene in DRI case against exporter Golden TobieThe federal agency, in an affidavit seeking dismissal of the company’s petition, said its investigation found that the petitioner doesn’t h...
- In a relief to companies, government allows refunds of unutilised input tax credits on importsMany tax officials have been rejecting refunds after claiming that companies are not eligible for such refunds unless it’s explicitly refle...
- Rs 1.12 lakh crore paid as IGST refunds to exporters: GovtThe board said that out of about 1.85 lakh exporters, a total of 6,421 exporters (about 3.4% only) including some ‘star exporters’ have bee...
- Govt identifies 5,106 'risky exporters' who have fraudulently claimed GST refundsThe CBIC assured genuine exporters that their refund claims would be processed in an automated environment and issued in a timely manner.
- Bogus IGST refund claims: Government to verify exporters' claims before sanctioningTax experts said the move to verify the refund claims would delay the process of refund issuances to exporters.
- Automated GST refund for exporters by next monthCurrently, the facility of automatic refund is available only for those exporters who have paid Integrated Goods and Services Tax (IGST) wh...
- Government adds sanitary napkins to the 12% GST slab. Here's whyRaw materials for manufacture of sanitary napkins attract GST of 18% of 12%, even with 12% GST on sanitary napkins, there in an inversion i...
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