The law permits refund of input tax credit on exports due to their zero-rated nature. The discussion clarifies refund mechanisms and highlights conditions for eligibility. It underscores that errors ...

The dispute arose due to mechanical application of Rule 86B by tax authorities. It was held that satisfying exception criteria allows full ITC usage without cash payment. The key takeaway is that ...

Industry bodies seek GST overhaul on inverted duty structure, urging wider ITC refunds; Finance Ministry reviewing proposals ahead of Council meet amid concerns over costs and competitiveness.

India’s GST is failing to act as a tax on value addition, since its credit system has got bent out of shape. Cascades don’t just burden enterprise, they push exports back, distort value chains and ...

The CBIC has come out with guidelines on blocking of tax credit by GST field officers, saying that such blocking should be on the basis of 'material evidence' and not just out of 'suspicion'. The ...

Life insurers are expected to report a mixed performance in the third quarter. While the GST rate cut is expected to boost premium growth and profitability, margins may come under pressure due to the ...

The DGGI has issued a notice to Infosys for allegedly claiming ₹414.88 crore in improper ITC refunds for services exported between 2018-19 and 2023-24. The investigation suggests the IT giant included ...

VIJAYAWADA: Seeking restoration of Input Tax Credit (ITC), the Andhra Pradesh Star Hotels Association (ASHA) has submitted a detailed representation to Union Finance Minister Nirmala Sitharaman, ...

Running a small business today is not just about sales and operations. You also need to stay on top of tax rules. Two of the ...