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VAT - Highlights / Catch Notes

Home Highlights March 2017 Year 2017 This

Reversal of Input Tax Credit (ITC) - whatever be the effect of ...

VAT and Sales Tax

March 2, 2017

Reversal of Input Tax Credit (ITC) - whatever be the effect of retrospective cancellation upon the selling dealer, it can have no effect upon any person, who has acted upon the strength of a registration certificate, when such certificate was alive - HC

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  1. Input tax credit - registration certificates of the selling dealers have been cancelled with retrospective effect - credit can not be denied for the transaction when R/C...

  2. Denial of input tax credit - cancellation of the few traders with retrospective effect - failure to prove the actual purchase of the goods - credit was rightly denied - HC

  3. Input tax credit – Cancellation of Registration certificate of the seller – Whatever may be effect of retrospective cancellation upon selling dealer, it can have no...

  4. Reversal of input tax credit - Shortage of material - Whether the input tax credit availed can be adjusted towards output in respect of goods which are not sold - held No - HC

  5. Adjustment of tax liability – Out of input tax credit available – dealer can adjust current year tax liability out of Input Tax Credit available in credit of dealer -...

  6. Cancellation of registration certificate - The Act does not contemplate that if claim of I.T.C. is reversed the registration of a dealer could be cancelled in addition...

  7. Reversal of ITC in respect of Capital Goods in certain cases - Manner of determination of input tax credit - Rule 43 of the Central Goods and Services Tax Rules, 2017 as amended.

  8. Input tax credit denied - credit can not be denied on a plea that the selling dealer has not paid the tax. - HC

  9. Omitted - Matching, reversal and reclaim of input tax credit - Section 42 of CGST Act, 2017 omitted as scheme of availing ITC amended

  10. CENVAT credit - input sold as such - there is no provision for reversal of credit of service tax on return of goods - AT

 

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