Well into GST regime for almost 5 yrs now, yet there are repeated questions on GTA wrt its taxation, place of supply and what is "consignment note" are being clarified in this video.
The purpose this circular No.170/02/2022 was to clarify mandatory furnishing of correct and proper information of inter-State supplies and amount of ineligible/blocked Input Tax Credit and reversal thereof in return in FORM GSTR-3B and statement in FORM GSTR-1. The category of changes suggested are broadly in lines of : Changes relating to supplies through E-commerce operators Changes relating to reporting of inter-state supplies Changes relating to ITC Over this blog, we attempt to trace the changes relating to ITC on to respective rows of GSTR 9 for FY 2022-23. Clarification as such on these lines not available elsewhere, so its to be understood as our personal view only for any wider consumption for application as such. Vide this circular No.170/02/2022 para 4, the following key points were instructed: Presently, Table 4A of GSTR-3B contains the details of various ITC being claimed. Table 4B contains details of various reversals. Table 4C, i.e. the difference...
The lifeline of the GST framework lies in the context of Input Tax Credit (ITC), moreover, on the principle of eligibility — a principle that becomes even more nuanced when businesses undertake expansion projects. The landmark case of Safari Retreats has served as a turning point, bringing clarity to the treatment of ITC in scenarios involving blocked credits. It has illuminated the judicial interpretation around the eligibility of ITC, especially with respect to immovable property. A significant development is that the Apex Court has broadened the definition of “plant” to include land, buildings, machinery, apparatus, and fixtures — all seen as instrumental to the operation of a trade or business undertaking. The Court further explained that a plant encompasses the totality of facilities available for production or service, including the physical infrastructure of an institution. This interpretation underlines that where such components are essential to a business’s functioning, ...
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