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Are you availing wrong GST credit? It may result into Interest/Penalty Blocked Credits under Section 17(5) GST Act

Are you availing wrong GST credit? It may result into Interest/Penalty Blocked Credits under Section 17(5) GST Act

Every supply of goods and services on which GST has been paid are not eligible for input credit set off against output GST liability. Those input GST you can't claim is called Blocked Input Tax Credit.

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Provisions of section 194IB regarding TDS on payment of rent exceeding Rs. 50,000 per month by individual or a HUF who are not covered underTax Audit

Provisions of section 194IB regarding TDS on payment of rent exceeding Rs. 50,000 per month by individual or a HUF who are not covered underTax Audit

Effective 1st June 2017, section-194IB was introduced in the income tax act, 1961, by Finance Bill, 2017 to cover Rent payment in excess of Rs. 50,000 per month by Individuals or HUFs (Hindu Undivided Family) (not covered under Tax audit) to a resident under TDS deduction.

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