GST Council in the 32nd meeting held on 10th January, 2019 at New Delhi took following
decisions to give relief to MSME (including
small traders), and took following
other decisions but same would be given effect to through Gazette
notifications/ circulars which
shall have the force of
law.-
Restriction on Input Tax Credit-Motor Vehicles-Section 17(5)(a)
Section
17(5) Notwithstanding anything contained in sub-section (1) of section 16 and sub-section (1)
of section
18,
input tax credit shall
not
be available in
respect
of the following, namely:—
(a) motor vehicles and other conveyances except when they are used ––
(i) for making the following taxable supplies, namely: —
(A)
further supply of such vehicles or conveyances ; or
(B) transportation of passengers; or
(C)
imparting training on
driving, flying, navigating
such vehicles or
conveyances;
(ii) for transportation of goods;
In
clause (a) section 17(5) of the
Act , restriction has been imposed on input Tax credit relating to motor vehicle
,it means that tax credit of ‘input’ and ‘input service’ both will be
restricted.
RESTRICTION OF INPUT TAX CREDIT-Section 17(5)(c) of CGST ACT
“Section 17 (5) :- Notwithstanding
anything contained in sub-section (1) of section 16 and subsection (1) of section 18, input tax credit shall not be available
in respect
of the following namely:
.
.
.
.
.
(c ) works contract
services (WCS) when supplied for construction of an immovable property (other than plant and machinery) except where it is an input service for
further supply of works contract service;
(d) goods or services or both received
by a taxable person for construction
of an immovable property (other than plant or machinery) on his own account including when such
goods or services or both are used in the course or furtherance of business.”
Now question arise whether a works contractor can avail input tax
credit for the tax paid on it’s inward supply of goods (i.e. input) or services
or it is restricted as per section 17(5) (c) & (d) of the CGST Act,2017?
Extension of due date filing ITR and TAR
*CBDT further extends due* dt for filing of IT Returns & audit reports from *15th Oct,2018 to 31st Oct, 2018* for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018,after considering representations from stakeholders. Liability to pay interest u/s234A of ITAct will remain.
*Source- Income Tax Twitter handle-https://twitter.com/IncomeTaxIndia/status/1049278032157048832?s=19*
*Source- Income Tax Twitter handle-https://twitter.com/IncomeTaxIndia/status/1049278032157048832?s=19*
Subscribe to:
Posts (Atom)
How to change Company name in India | How to Change Your Company Name |
A business may decide to rebrand for a variety of tactical reasons. Aligning the company's branding with its changing business goals, wh...
-
Highlights of Karnataka Budget Speech - 2013-2014 and amendments proposed in various Commercial Tax & Other Laws: Karnataka...
-
Facts of the case CASE -1 CASE -2 (A) Profit as P& L A/C 500000.00 500000.00 (B) Provision for Income Tax @30% 150000.00 150...
-
Central Sales Tax (CST) is a tax on Sale levied by Central Government under the provisions of Central Sales Tax Act , 1957 . As per the ...