Companies rush to match input tax credit with vendor returns
Indian companies are scrambling to retain hundreds of crores of input tax credit for last financial year under the Goods and Services Tax (GST) regime that it could lose if it fails to substantiate the claim with vendor returns.
The deadline to file this claim is October 20, while vendors can file their sales return till October 31. This has created a situation where vendor returns are not available for reconciliation.
CERC Gives Relief to Solar Project Developers by Accepting GST as ‘Change in Law’
The Central Electricity Regulatory Commission (CERC) has issued an order to compensate solar power developers (SPD) by giving them an upfront lumpsum payment, which they would have incurred as an additional capital expenditure after the introduction of GST Law.
CERC has also asked the government agencies to make adjustments in the quoted tariff because of the additional operating and recurring expenditure that will incur for the entire term of the project.
Calamity tax under GST: Panel gives states 3 options to raise extra funds
A panel, headed by Bihar Deputy Chief Minister Sushil Modi, on Monday put on table three options to raise additional funds under the goods and services tax (GST) to help Kerala and other states in their post-disaster relief and rehabilitation work.
The levy could either be a state-specific tax levied as state GST, or there could be a supplementary disaster response fund, parallel to the existing national disaster response fund (NDRF). As a third option, the group of ministers (GoM) would consider strengthening the existing NDRF.
Source: Law Crux GST Update