The Authority for Advance Rulings (AAR), West Bengal has recently declared that input tax credit (ITC) will not be admissible against the GST paid on thepurchase of motor vehiclesfor supplying rent-a-cab service, under the section 17(5)(b)(i) of the GST Act. In a recent hearing, an...
Similarly, creating a taxable supply and the enhanced price paid for it and failing to remit it to the ATO was the principal effect of the scheme and that ‘… availability of an input tax credit was nothing more than an incidental consequence and far from the “principal effect” of the ...
You cease to be entitled to an input tax credit for a creditable acquisition to the extent that the input tax credit has not been taken into account, in an assessment of a net amount of yours, during the period of 4 years after the day on which you were required to give to the Commi...
the sale and collect or charge GST/HST. The customer usually earns this type of volume discount over a period of time (e.g., over a year) and not on a sale-by-sale basis. In this case, you have to choose whether or not to credit the GST/HST related to the amount of the ...
Can we claim TCS on car purchase? TCS (tax collected at source) could have been paid by you if the motor vehicle you purchased wasworth more than Rs 10 lakh. Credit of TCS during the year has to be claimed in your ITR in a manner similar to that for TDS. ... However, one must...
For GST, credit and debit notes are used to file return and display the revenue and sales made by a business. Here we will understand the role of credit and debit returns, and how are these used for the new GST return which is yet to be implemented.
TRAN-1 (Transitional credit etc.)NA31 December 2017 GST 23rd Council Meeting Updates Based on the suggestions of the rate fitment committee, the GST Council has proposed to rationalize the rate of tax on various goods & services effective 15 November 2017. ...
Case(2).The customer supply only the chassis of the Motor Vehicle.All the materials required for the fabricating the Body are Purchased at Our GST Number.The Body is fabricated in our workshop and fitted to the customers chassis.Are you eligible to claim ITC Credit here?.What is the HSN ...
When the same car is leased, the leasing company would get a credit of 2.7L upfront and it would charge 45% on the Base lease rental value, such that the Lessee is taxed only once. So, the problem is that the lease contracts prior to July 1st would be the losers with lease rental...
+ GST credit for stock on hand where WST had been paid Interpretation difficulties + very little litigation in early years + but lot more cases coming through more recently particularly in more complex areas (e.g. property, finance and international transactions) + hundreds of rulings, determ...