The Centre has notified changes to the goods and services tax (GST) rules, lowering the input tax credit to 10% from 20% of eligible credit, if invoices or debit notes are not reflected in filings.
It has also permitted officers at the level of commissioners to bar debit of input tax credit for one year in case of credit being availed fraudulently. The GST Council had approved a proposal in this regard at its meeting on December 18 to check tax evasion and menace of fake invoicing.
Source The Economic Times
Latest Posts in "India"
- GSTR‑1 Filing – Due Dates, Format, Late Fees, Rules
- GSTR‑3B – Due Dates, Late Fees, Format, Filing Rules
- GSTR‑1A – Fixing GSTR‑1 Mistakes
- GST’s Credit Challenge — Why Input Tax Credit Remains the Biggest Compliance Pressure Point
- Territorial Jurisdiction in GST Matters Determined by the Location of the Adjudicating Authority
