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GST UPDATE ON REVERSAL OF ITC IN CASE OF REDUCTION IN TAX RATE ON RESTAURANT SERVICES

Goods and Services Tax - GST - By: - Pradeep Jain - Dated:- 8-12-2017 - In 23rd meeting of GST Council, it was decided to reduce the tax rate on restaurant services with no facility of ITC. Notification no. 46/2017-Central Tax (Rate) dt. 14-11-2017 h .....

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This rate is subject to the condition that no ITC is availed on the goods and services used for providing this service. This notification is effective from 15.11.2017. The assessees falling in this category were availing the ITC upto 14.11.2017. Ther .....

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ssee have claimed the ITC on the goods and services which are used in supplying the goods or services on 15.11.2017 & onwards. Therefore, since the benefit of ITC has already been claimed on the inward supplies of goods and services, the benefit .....

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right to the credit has become absolute at any rate when the input is used in the manufacture of the final product. The basic postulate, that the scheme is merely being altered and, therefore, does not have any retrospective or retro-active effect. I .....

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HAN HIGH COURT ] has held that Right to Modvat credit accrues to assessee on the date he pays tax on raw materials or inputs - Credit having been taken by assessee, Clause 5 of the notification ibid not to be given retrospective effect so as to nulli .....

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to another mode of payment of duty. The Government can restrict the taking of Cenvat credit from a particular date but the right earned cannot be taken back. In view of the above discussed decisions given by hon'ble Supreme Court and High Court, .....

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