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Pax plane crashes with 23 onboard at Kathmandu airportINDIA bloc boycotts Parliament; says Budget is discriminatoryI-T- Re-assessment - additions quashed as assessee given fresh opportunity to adduce evidence; nevertheless, assessee failed to participate in hearing despite multiple notices - costs of Rs 40000/- imposed on assessee: HCCX - Final product is copper cathodes and not sulphuric acid, which is a by-product - Oxygen gas captively consumed in manufacture of sulphuric acid is entitled to exemption in terms of notification 67/95-CE: HCGST - Same input and output supplies though attracting different tax rates at different points of time - Since para 3.2 of Circular 135 has been struck down as ultra vires, refund to be extended: HCGST - Demand confirmed since petitioner failed to file a reply - Petitioner can be given one opportunity to explain subject to they depositing 25% of disputed tax from its Electronic Cash register: HCGST - Petitioner's assertion that the ITC available in GSTR-2A exceeds that availed of in GSTR-3B was not considered - Matter remanded; bank attachment lifted: HCGST - Legitimate trade and commerce by every supplier should be allowed to be carried on subject to payment of tax and statutory compliance - Registration to be revived: HCGST - Petitioner unaware of SCNs and the orders passed - Subject to petitioner depositing 25% of disputed tax, matter remanded: HCTaxonomy is not about taxesBudget for Vikasit BharatI-T- Re-assessment invalidated where AO fails to record reasons for re-opening assessment & omits to apply mind before issing notice: ITATWill the Old Tax Regime be Consigned to A Margadarshak Role?I-T - Merely because there were rates differential amongst purchases from different vendors, it cannot be sole reason to infer over-invoicing / inflation of purchases: ITATGSTAT to deal with Anti-Profiteering casesI-T- Proceeds from sale of unsold lottery tickets lying with assessee who is engaged as dealer of lottery tickets, is to be construed as business income : ITATDepartment of Posts releases beta version of DIGIPIN for public commentsI-T-Business loss incurred by the assessee after exclusion of price money from net profit is eligible for set off against winning from lotteries under section 71 of the Act: ITATGovt issues Guidelines for 'Incentives to DISCOMs'I-T- Provisions of Section 44AE cannot be applied to an assessee whose contractor engaged in leasing vehicles owns less than 10 vehicles: ITATGovt has taken initiatives to promote exploration and processing of critical mineralsCX - Since goods have been imported and received at factory of appellant, photocopies of Bills of Entry are supported by certificate for loss of original as well as certificate issued by customs authorities for payment of duty, appellant is eligible for credit: CESTATMajor steps taken for Water Conservation and Rainwater HarvestingST - As per CBEC Circular No. 555/51/2000-CX.1 dated 19.10.2000, where amended provision u/s 11A is invoked to demand duty, it will have retrospective operation: CESTATJuly 21 (Sunday) was hottest day on earth since Ice Age: ScientistsRajasthan gets new industrial park in Union BudgetOver 200 killed in landslides in EthiopiaMacron to retain caretaker govt till OlympicsRepublicans at pain as Harris takes over Biden’s campaign fundsTN Chief Minister to boycott NITI Aayog Saturday meeting as TN gets nothing from BudgetBudget 2024 promotes New income tax regime; offers new tax slabs as sopBudget bonanza for MSMEs - Easier access to credit; boosting export capacityThe GST Summons: A relative can appear!Conditions for revocation of cancellation of registration - May be, maybe not!Benami Act: Immunity can now be withdrawn on IO report
 
GST - Belapur Commissionerate ensures reversal of Rs 1.12 lakh crore wrongly-availed ITC

By TIOL News Service

MUMBAI, SEPT 12, 2018: INPUT Tax Credit (ITC) if wrongly availed, is revenue lost. Working on this mantra, the Belapur CGST Commissionerate caught M/s Pro-Tech Engineers, wrongly availing credit and recovered the same to the tune of Rs 1.12 lakh crore!

As per the official Press Release, the officers of the CGST, Belapur, detected such large-scale availment while conducting analysis of the electronic data furnished in the GST returns of the registered person. A huge mismatch was noticed in GSTR-3B returns vis-a-vis the available credit as appearing in the GSTR-2A returns for the period from July 2017 to March 2018, and thus an inquiry was initiated in the matter.

The officers of Anti-Evasion wing of the Commissionerate visited the premises of the said taxpayer and the examination of the related records revealed that the taxpayer had availed inadmissible credit to the tune of Rs 112,396.51 crore. On inquiry, the Director of the company, stated that they had inadvertently availed the said inadmissible credit. It was further seen that the said tax payer had also utilized a small part of the said credit to discharge their GST liability.

As an immediate measure, the officers of the visiting team got the taxpayer to reverse the Input Tax Credit of Rs.1,12,396.51 Crore reversed through DRC-03 indicating intimation of voluntary payment. Further investigation is under progress.


 RECENT DISCUSSION(S) POST YOUR COMMENTS
   
 
Sub: Harsh law

It is beyond one’s imagination that a small unlisted company having a paid up capital of Rs 1 lakh will be claiming a gigantic input tax credit of Rs 1.12 lakh crore !!. Even if the wrong credit is reversed, how the small firm will escape the liability to pay interest for wrong credit as per Sec 50 (3) of CGST Act which is fixed at 24% ?.Assuming for a month, interest will be at an astonishing figure of Rs 2240 crs !!.
The legal maxim is Dura lex sed lex which means "it is harsh, but it is the law"


Posted by james pg
 

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