The Finance Ministry has allowed businesses to claim benefit for the first financial year of Goods and Services Tax roll out, till March 2019, provided it matches with the return filed by their suppliers. The deadline for claiming input tax credit ended on October 25, 2018.
Tax experts said that ITC claims were allowed to businesses earlier provided businesses had generated invoice, paid taxes and filed returns. However, in the recent order the CBIC has mandated that ITC claims would have to be matched with GSTR-2A
GSTR-2A is auto-generated by the systems based on sales returns filed by suppliers.
The Central Board of Indirect Taxes and Customs (CBIC) through a gazette notification issued an order stating that ITC claims for the maiden year of Goods and Services Tax roll out (July 2017 to March 2018) will be allowed till March 31, 2019.
GST was rolled out from July 1, 2017.
Besides, the CBIC has also allowed businesses to correct any error or omission in filing of final sales return or GSTR-1 for the period July 2017-March 2018. Now businesses can correct the errors in the returns to be filed for January-March 2019.
AMRG & Associates Partner Rajat Mohan said "this relaxation would find favour with millions of taxpayers who would collectively claim tax credit worth billions of rupees. This respite together with recent rationalisation of tax rates is expected to mark a dent in tax collection of next 3 months". JD DRR
A pastoral board headed by Gujarat vice president serve Nitin Patel will investigate the likelihood of legitimization of GST rate for the genuine division other than detailing a piece plot — a special plan under GST reached out to shopper driven areas or ventures
The Government of India, alongside The Institute of Cost Accountants of India (ICAI), is good to go to dispatch an across the nation GST-preparing system to prepare
Kerala is so far the main state to hold the GST edge at a yearly turnover of Rs 20 lakh for organizations in the state, even as half-adozen states consented to twofold the enlistment and assessment limit for producers to Rs 40 lakh.
The Central Goods and Services Tax (CGST) authorities assaulted an industrial facility creating gutka illicitly in Halol town of Panchmahals region late on Wednesday night.
The Calcutta High Court has held that the administration assess review under Finance Act,
The Budget 2019 is probably going to see the administration center around agri and provincial activities.
The MRO business has asserted that they have lost a gigantic 90,000 direct occupations to abroad markets like Sri Lanka, Singapore
In August 2018, we had brought up (bit.ly/2T4U3SZ) how the Central government had been cornering a significant part of the monetary reserve
The land segment has been battling despite seemingly insurmountable opposition of quieted request, doubt among the buyer network
The Goods and Services Tax (GST) chamber, at its 32nd gathering held a week ago