Ludhiana: The new Union budget has aroused a mixed response from the business community, which requires more time to interpret it correctly.
As far as concerning GST laws (goods and services), city leading tax professionals have decrypt fine prints related to input tax loans (ITC) and deadlines for amendments.
Allows more insight into changes, Naveen Kumar Tax Expert Thaman said: “The government has proposed several changes to the GST law that will be notified later.
ITC can be claimed only if it is not limited in the details that are communicated to the taxpayer in the form of GSTR-2A / 2b.
Even today, this form comes with comments ‘no credit’ and the dead department does not allow ITC based on this comment without legal provisions.
But now the legal provisions to limit this ITC has been added.
“Thaman said:” Provisions related to Interest It is proposed to be amended with the effect of July 1, 2017 (the date of the introduction of GST) so that the interest can be collected.
On ITC claimed it was wrong.
Previously, this interest was collected even if the number claimed in a wargan was not used and only lay in balance.
Annual interest rate of 18% , not 24% have been notified by the effect of July 1, 2017.
u claim ITC in connection with any invoice or discharge records related to the financial year have been extended until November 30, year or the maturity date of the furniture of GSTR-9 and 9C for the relevant financial year, which is earlier.
“The tax provided also said:” another major change in this budget about GST is that the deadline for issuing credit in inventory is made in the financial year has been expanded until 30 November the next financial year or the maturity date of GSTR-9 & 9C furniture for the financial year relevant, which is early.
Furthermore, the deadline for repairing errors or negligence in the return of GSTR-1 and GSTR-3B submitted in the financial year has been expanded until 30 November the next financial year or the maturity date of the furniture of GSTR-9 and 9C for the relevant financial year, which is more beginning.
“The local industry has faced many archiving because of the previous deadline to file GST and those dates must be extended.
Crunching Number: City Decode 5 Expert Proposed GST Changes
