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
CBIC proposes improvements in e-way bill generation effective from November 16, 2018; Proposed enhancements include: (i) Checking of duplicate generation of e-way bills based on same invoice number, (ii) CKD/SKD/Lots for movement of Export/Import consignment, (iii) Shipping address in case of export and import supply type, (iv) Dispatching address in case of import supply type, (v) ‘Bill To – Ship To Transactions & (vi) Changes in bulk generation tool.