Reversal of ITC CLAIM
Introduction The Finance Act, 2022 substituted Section 41 of the Central Goods and Services Tax Act, 2017 (‘CGST Act’), with effect from 1 October 2022[1].Thus, from 1 October 2022, a taxpayer is allowed to self-assess and claim ITC for goods or services in their returns, with the credited amount going directly to the Electronic Credit […]
Tax Trial
Competent courts Which courts have jurisdiction to hear tax disputes? Typically, the tax dispute first arises before the tax authority, which acts in a quasi-judicial manner. It acts as both investigator and adjudicator. The powers of the first appellate body are co-extensive and coterminous to the primary tax authority. The second appellate forum is also […]
