Online bond platforms may offer overseas-regulated products and tax-specific bonds subject to disclosures, compliance safeguards and revised complianc...
Corporate guarantee valuation permits actual ascertainable commission while barring retroactive application and extended-period penalties for bona fid...
Proper-officer jurisdiction under UPGST penalty provisions upheld; participation on merits prevents bypassing the statutory appellate remedy through w...
Transitioned CENVAT credit may validly satisfy mandatory pre-deposit requirements for legacy service tax appeals through Electronic Credit Ledger debi...
Building-plan sanction charges require statutory authority; unauthorised fees and GST were quashed, while labour cess must follow prescribed collectio...
Pure-agent exclusion fails where hotel booking facilitators receive third-party services themselves, making entire customer consideration taxable as r...
This trade circular clarifies issues regarding implementation of provisions related to input tax credit in sub-sections (5) and (6) of Section 16 of the CGST Act, 2017, inserted retrospectively from July 1, 2017. It provides guidance on various scenarios where demands were raised for wrong availment of input tax credit due to contravention of sub-section (4), but such credit is now available under sub-sections (5) and (6). Specific instructions are given for cases where no notice/order was issued, where notice was issued but no order, where appellate proceedings are pending, and where orders were passed but no appeal filed. A special procedure u/s 148 is notified for rectification of orders in eligible cases within six months. However, no refund of tax paid or credit reversed earlier is allowed u/s 150 of the Finance Act, 2024. The circular aims to ensure uniform implementation across field formations.
This trade circular clarifies issues regarding implementation of provisions related to input tax credit in sub-sections (5) and (6) of Section 16 of the CGST Act, 2017, inserted retrospectively from July 1, 2017. It provides guidance on various scenarios where demands were raised for wrong availment of input tax credit due to contravention of sub-section (4), but such credit is now available under sub-sections (5) and (6). Specific instructions are given for cases where no notice/order was issued, where notice was issued but no order, where appellate proceedings are pending, and where orders were passed but no appeal filed. A special procedure u/s 148 is notified for rectification of orders in eligible cases within six months. However, no refund of tax paid or credit reversed earlier is allowed u/s 150 of the Finance Act, 2024. The circular aims to ensure uniform implementation across field formations.
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