The wordings in clause 27(a) of the Tax Audit Form 3CD, relating to reporting of GST Input Tax Credit, has created a lot of confusion in the CA fraternity, different practitioners and corporates having different interpretations leading to doubt and sometimes a difference of opinion with clients. What's the confusion all about? Clause 27(a) of the latest Tax Audit Form 3CD officially notified by CBDT reads as follows: "27(a) Amount of Central Value Added Tax credits availed o

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Table of Content Economy Direct Taxation Direct Taxation - Developments for NRIs Indirect Taxation Business Management News in Focus Amendments in Finance Bill 2021 ECONOMY Economy Rebounds After a “harsh winter” Indian economy seems to be back on track, at least the latest GDP figures released by NSO for Oct- Dec Quarter is pointing towards that direction. After two successive Quarters of contraction of economy, the 3rd Quarter recorded a marginal growth of 0.4 % ye