ITC on demo cars: Automobile dealers can claim ITC on demo cars used for promoting sales: CBIC

ITC on demo cars: Automobile dealers can claim ITC on demo cars used for promoting sales: CBIC

Automobile dealers using demonstration vehicles or demo cars for promoting sales can claim input tax credit (ITC) under the GST law, the CBIC has said. However, no ITC would be available if demo cars are used by dealers for their own purpose during the course of the business. In a circular, the Central Board of … Read more

Authorised car dealers can claim input tax credit on demo cars: AAR

Authorised car dealers can claim input tax credit on demo cars: AAR

New Delhi: Registered automobile dealers can claim input tax credit (ITC) on cars that are used for demonstration to potential customers, commonly known as demo cars, the West Bengal bench of the GST Authority for Advance Ruling (AAR) has ruled. Landmark Cars East Pvt Ltd, an authorised agent of Mercedes Benz, had filed an application … Read more

Interim Budget 2024: Cos need to register for Input Service Distribution

Interim Budget 2024: Cos need to register for Input Service Distribution

Companies with branches in multiple cities will now need to register for input service distribution (ISD) to claim input tax credit for services provided by the head office to the branch office, a move expected to reduce disputes significantly.The interim budget proposed to make this rule mandatory, besides the requirement of a separate registration that … Read more

CEAT gets GST demand, penalties of over Rs 19 cr

CEAT gets GST demand, penalties of over Rs 19 cr

New Delhi: Tyre maker CEAT Ltd on Wednesday said it has received GST demand and penalties totalling over Rs 19 crore from tax authorities in Maharashtra and Vadodara. The Additional Commissioner, CGST & Central Excise, Vadodara has issued an order for an interest of Rs 3.27 crore along with a penalty of Rs 13.68 crore … Read more

M&M Tax penalty: M&M gets Rs 4.12 crore tax penalty; company to challenge

M&M Tax penalty: M&M gets Rs 4.12 crore tax penalty; company to challenge

Mahindra & Mahindra on Friday said it has been imposed a penalty of Rs 4.12 crore over input tax credit claim and education cess credit balance carry forward from pre-GST regime to GST regime in relation to its two-wheeler business. In a regulatory filing, Mahindra & Mahindra said it has received an order from the … Read more

Govt extends deadlines for GST officers to issue demand notices for FY’19, FY’20

Govt extends deadlines for GST officers to issue demand notices for FY’19, FY’20

New Delhi: GST officers have been given more time to issue demand notices for discrepancies in annual returns for 2018-19 and 2019-20 financial years. On Thursday, the government extended the deadline in this regard for 2018-19 fiscal to April 30, 2024 and for 2019-20 fiscal to August 31, 2024. A notification has been issued by … Read more