Rule 42 and 43 of the CGST rules are applicable for claim of input tax credit wherein the supply is being partly used for the purposes of business and partly for other purposes. In such cases, input tax credit cannot be claimed fully by the taxpayer and part of the input tax credit claim must be reversed. In this article, we look at Rules 42 and 43 of the CGST rules in detail along with procedure for reversing input tax credit claim.Read More
While Saudi Arabia and UAE have already introduced VAT, the rest of the GCC countries are yet to take the step. However, Bahrain, Kuwait, Qatar and Oman shall implement VAT soon,probably from 01st January 2019Read More
The article is in relation to the recent amendment in the tax audit report i.e Form 3CD vide Notification 33/ 2018 dated 20 July 2018. The said Notification inter alia requires the Assessee to report the breakup of expenditure into GST and non GST transactions.