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January 2021

January 30, 2021
Budget 2021 Expectations
Expectations from the upcoming Union Budget

We are just 2 days away from a historical, promised budget where the Hon’ble Finance Minister, Nirmala Sitharaman, will give her third budget speech on Feb 1.  We hope that this new Union Budget infuses hope in the economy, especially for the infrastructure sector that is reeling. It should provide a road map to the...

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January 11, 2021
ITC eligibility when the supplier has not paid GST to the Government. 

All tax-paying businesses are eligible for a certain amount of Input Tax Credit (ITC) on the GST paid for goods that were purchased for reselling. This is one of the basic tenets of taxation law. But what happens if the supplier of those goods hasn't paid their GST? Can the purchaser avail for ITC under...

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January 11, 2021
ITC on damaged goods

Let us suppose that a car dealer owns a warehouse full of cars. Due to a natural calamity, this warehouse is flooded. All the cars are damaged - some completely, others partially. In this situation, what happens to the ITC claim of the dealer on those cars? What does the GST Act provide for on...

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January 11, 2021
ITC can be claimed on the GST paid for distributable promo merchandise

Bringing a fair conclusion to the long-disputed issue of whether or not ITC is admissible on GST paid for promotional expenses, the Karnataka bench of Authority for Advance Ruling (AAR) ruled that ITC will be available on such cases. As the supply of promotional goods within related parties, such as franchise, is considered a 'taxable...

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