The CBIC has clarified that automobile dealers can claim input tax credit (ITC) under GST for demo cars used to promote sales. However, ITC is not available if these vehicles are used for personal ...

This is because the deadline for filing GSTR-1 was extended by 2 days from the original January 11 to January 13.

Both federal and state governments give tax credits, such as the Child Tax Credit or Lifetime Learning Credit, in order to sustain and benefit the economy. A federal tax credit is granted by the ...

The new year 2022 is going to bring a significant change in the manner of availing Input Tax Credit (ITC) by the taxpayers under the Goods and Services Tax Act. The additional condition to avail ...

At its 55th meeting held in Jaisalmer on December 21, the Council clarified the process to avail input tax credit even if this stoked some controversy over the manner in which the Council neutralised ...