Input Tax Credit
Latest news, explainers and analysis on Input Tax Credit. Tracking 7 stories on Arth Vani.
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Latest on Input Tax Credit
Pharma Firms Can Now Claim GST Credit on Free Samples, Expired Goods: A2Z Taxcorp
Indian pharmaceutical companies are now eligible to claim Goods and Services Tax (GST) input tax credit on free samples and legally destroyed expired products, a significant clarification noted by tax experts A2Z Taxcorp LLP. This development is expected to provide financial relief and streamline tax compliance for the crucial healthcare sector.
BreakingIndia's GST Reforms Enter Third Phase, Focus on Refunds & Input Tax Credit: PwC
India's Goods and Services Tax (GST) system is reportedly entering its third phase of reforms, concentrating on streamlining refunds and expanding Input Tax Credit (ITC). This strategic move aims to integrate India more effectively into global supply chains, according to a statement from PwC.
GST Composition Scheme: When 6% Tax Can Cost More Than Regular Filing
The Goods and Services Tax (GST) composition scheme, designed to simplify compliance for small businesses, might not always be the most cost-effective option. Businesses opting for the 6% composition rate could end up paying more tax than under the regular GST scheme, especially if their input tax credit is substantial.
BreakingNPCI Clarifies: GST on MDR Not Extra Burden for Merchants, Can Be Adjusted Against Tax
The National Payments Corporation of India (NPCI) has clarified that the Goods and Services Tax (GST) charged on Merchant Discount Rate (MDR) will not impose an additional financial burden on businesses. Merchants can claim this GST amount as Input Tax Credit (ITC), effectively adjusting it against their overall tax liabilities. This move aims to alleviate concerns among businesses regarding the cost implications of digital transactions.
BreakingPharma MD Arrested Over Alleged ₹5.55 Crore Fake GST Refund Fraud
A Managing Director of a pharmaceutical company has been arrested in connection with an alleged fake Input Tax Credit (ITC) and Goods and Services Tax (GST) refund fraud amounting to ₹5.55 crore. This action highlights the ongoing efforts by tax authorities to curb GST evasion across various sectors.
BreakingGST Council to Meet Sept 12: Focus on Input Tax Credit and Corporate Guarantees
The GST Council is set to convene on September 12 for its 57th meeting, with key discussions focused on simplifying tax compliance for businesses. Proposals include easier access to input tax credit for buyers and streamlined treatment of corporate guarantees. This meeting aims to address unresolved issues impacting business working capital and costs, nearly a year after the last session.
GST Panel May Allow Tax Credit Transfer within Corporate Groups; Intra-Group Guarantees Could See Exemption
A key GST panel is reviewing significant industry suggestions, including allowing companies within the same corporate group to transfer unused input tax credit and exempting intra-group corporate guarantees from tax. These proposals, aimed at boosting ease of doing business and improving corporate cash flow, will be put before the GST Council for its next meeting.
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