Hosted on MSN

GST reforms: No input tax credit on commission for individual health, life insurance policies from Sep 22; insurers to bear cost

Insurers will no longer be able to claim input tax credit (ITC) on Goods and Services Tax (GST) paid on commissions and brokerage for individual health and life insurance policies from September 22, ...
Tax Guru

Adjustment of Tax Liability or Refund through GST Credit Note

Explains the legal situations where suppliers can correct excess GST through credit notes. Highlights that reduction in tax liability is conditional on timelines, ITC reversal, and absence of unjust ...
Tax Guru

GST ITC Denial for Supplier Default Limited to Non-Genuine Transactions

Courts held that Section 16(2)(c) cannot be applied mechanically to deny ITC to honest buyers. ITC denial must be confined to ...
Hosted on MSN

New GSTN advisory: You can now file a rectification application to claim pending input tax credit; However, there is a catch

Good news for GST registered taxpayers who filed GSTR-3B to claim pending input tax credit (ITC) for FY 17-18, 18-19, 19-20 and 20-21 but were prevented from claiming it due to due date related issues ...
exchange4media

From demand revival to policy stability & GST relief: What brands want from Budget 2026

Industry leaders are also calling for higher infrastructure spending, stronger credit support for MSMEs, and targeted ...