Input Tax Credit

Wednesday, Apr 24, 2024 | Last Update : 03:16 AM IST

The exemption from GST on maintenance charges charged by an RWA from residents is available only if such charges do not exceed Rs 7,500 per month per member.

18 pc GST on flat owners paying monthly maintenance of over Rs 7,500

Tax liability would be calculated for a person who owns two or more flats in the housing society or residential complex.

23 Jul 2019 8:49 AM

The government did give a choice to developers to follow old rates in case of projects launched before April 1, 2019.

Anarock budget wish list for realty sector: More bank funds, ITC benefit in GST

The liquidity crisis is the major factor preventing completion of over 5.6 lakh stalled units across top seven cities.

14 Jun 2019 11:35 AM

The firms were involved in circular trading and had shown transactions worth Rs 72.7 crore between them, on which they claimed an input tax credit of Rs 13.09 crore at 18% GST, a senior official said. (Representational Image)

Rs 13-cr GST fraud busted after multi-city raids by UP STF, sales tax dept

According to officials, the accused firms, RoundPay Techno Media and RoundPay Voice Tech, were both registered at same address in Lucknow.

14 Apr 2019 11:52 AM

The affordable segment spearheaded residential growth during the year.

Housing supply, sales up in FY19

Developers reduced the average property sizes to align their products within the affordability bracket for more buyers

09 Apr 2019 1:37 AM

Commerce and Industry Minister Suresh Prabhu said input costs should be competitive for any sector and the ministry has been of view that fuel should be brought under GST regime.

ATF under GST will ensure level playing field for domestic airlines: Suresh Prabhu

Airlines could expect an annual relief of up to Rs 5,000 crore by way of input tax credit if ATF is brought under GST.

07 Apr 2019 2:23 PM

In the previous meeting on February 24, the council had slashed tax rates for under-construction flats to 5 per cent from 12 per cent and affordable homes to 1 per cent from 8 per cent, effective from April 1.

Flexible GST rates for realty

GST Council today has approved transition plan for the new rate structure for real estate residential projects.

20 Mar 2019 1:51 AM

FinMin extends deadline to file GST returns

With this extension, businesses which wish to claim Input Tax Credit (ITC) benefit for July 2017-March 2018 period can do so till October 25.

22 Oct 2018 12:15 AM

The Finance Ministry on Sunday extended the deadline for filing summary sales return GSTR-3B for the month of September by five days to October 25.

Finance Ministry extends deadline for filing Sept GST returns to October 25

With this extension, businesses which wish to claim ITC benefit for July 2017-March 2018 period can do so till October 25.

21 Oct 2018 12:59 PM

Accountant floating fake companies held

Traders often buy fake bills to claim input tax credit on supply that never occurred.

08 Sep 2018 1:53 AM

GST officers have pointed out the discrepancy and has asked taxpayers to claim the input credit or refund in the returns of the subsequent month.

Notice shot off to businesses for less IGST input credit claim

The analytics was conducted based on data between July to March - the first nine months of GST rollout.

08 Jun 2018 12:59 PM

Food, drinks in educational institutions to attract 5 per cent GST

Food and beverages distributed at educational institutions would be subject to Goods and Services Tax (GST) of 5 per cent.

12 Apr 2018 4:15 PM

Under GST, the Input tax credit of a taxpayer gets confirmed on purchases from another registered taxpayer when that supplier files the return. (Photo: Twitter| @GSTN_IT)

Taxpayers can check return filing status of suppliers on GSTN portal

Once GSTIN is inserted in system, it would show taxpayer details like legal name, status (active or cancelled), jurisdiction office.

24 Feb 2018 12:26 PM

The finance ministry on Friday said Centre's revenue kitty will not go down due to GST transitional credit claims worth Rs 65,000 crore.

FinMin dispels concerns over high GST transition credit

Over 46 lakh businesses have paid taxes to the tune of Rs 95,000 crore in July.

22 Sep 2017 5:06 PM

Rs 65,000 crore GST credit: CBEC scans high-value claims

GST, which kicked in from July 1, allows tax credit on stock purchased during previous tax regime.

16 Sep 2017 11:34 AM

Finance Ministry clarified there will be no GST on prasadams or free food supplied by religious institutions. Photo: ANI

No GST on food supplied by religious institutions, says Finance Ministry

However, some ingredients and input services required for making prasadams would be subject to taxation under new regime.

11 Jul 2017 5:40 PM

GST protects rights of manufacturers who are entitled to get input tax credit under this new regime. (Representational Image)

GST on sanitary pads to protect tax credit for makers: Finance Min

It cited protection of rights of domestic sanitary manufacturers as a reason for not exempting this necessary product from GST.

10 Jul 2017 8:22 PM

GST launch today: GST decoded for businessmen, consumers

Here are some frequently asked questions about the Goods and Services Tax that must be answered.

30 Jun 2017 1:48 PM

GST ready to rollout; small Indian businesses unprepared

India's biggest indirect tax reform is taking a toll on millions of small businesses as they grapple with the complexities of GST.

28 Jun 2017 12:57 PM

Jaitley urges Mehbooba Mufti to implement GST in J&K

The Union Finance Minister listed out the disadvantages of the state not introducing GST from July 1.

26 Jun 2017 8:15 PM

Mobile recharges and buying a new handset to get costlier form July 1 under GST.

Mobile phones, recharges to get costlier under GST

GST Council has fixed 18 per cent tax for telecom services, 12 per cent for mobile phone manufacturing.

20 May 2017 11:59 AM

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Sanjeev Ahluwalia

input tax credit