In fact the Govt.has organized awareness campaign at all levels.The provisions of the GST Act n Input Ax credit Rules are very clear.Input tax credit is allowed to be utilised only when the payment of Goods Suppliers and / or the Services supplied are paid by recipient to the supplier.Thus,obviously d provisions of d Act n Rules are to help small suppliers so the M.S.I./L.S.I goods & services receiver will promptly honour d payments of suppliers.Of course,if suppliers who have not sought amendment in terms n conditions may be due to their fear to loose orders or because of advantageos margin in continuing the payment terms of 90 days & so.In such a situations the crisis arose out of d business deals is to be faced by d dealing suppliers only.Law cannot differentiated with respect to the conveniently negotiated terms of business.Of course even the receivers of goods n services will also not getting input credit except the benefit of working capital requirements on the cost of input goods or input services.Hope this would be agreed by all of us. more
Very true the procedure is to pay GST now & claim afterwards. Fill the coffins of the Government & even if you become beggar Govt. is not concerned as their thinking is that all the Businessmen are thieves & do not show their correct income. Their all the procedures lead to only one thing & i.e. to make big shots happy & make them more rich. more
Not sure if I am making sense but earlier indirect taxes like Excise and VAT where payable on removal of goods or on invoice and that point of taxation has not changed in GST too so why blame GST. Let me know if I mis-interpreted the issue more
Agree with Mr. Sharad Mittal. We only have to pay the difference between ITC and the GST charged on output sales value. So the burden is not fully to the extent of the GST to be recovered. more
Right. But as Mr. Chirayu Shah mentions that he files monthly returns, it is safe to assume that he is not covered under composition, NRI & Ecommerce categories. more
My cousin’s friend runs a local bakery in Goa. He accepts only CASH. No UPI/CC/Debit Card-- nothing! Logic: if he accepts anything in 'white', he will pay around...
Interesting how poor people and commoners pay GST on pretty much everything they buy from biscuits to namkeen, milk to grocery And rich buys iPhone, Luxury Cars, etc as Business Expenses...
Cut & polished diamonds are charged 1.5% GST. Flour & curd are charged 5% GST. Diamond walas can fund politics but aate dahi doodh walas can’t?? Plea...
The GST Council has recommended 5% GST on dairy items like pre- packed, pre-labeled curd, lassi and butter milk and increasing GST on dairy machinery and milking machines from 12% to 18%. This move...
Bicycle will attract a GST rate of 12%, but diamonds will attract only 0.25%. At a time when people aren't able to afford petrol & the poor are forced to commute on cycles, the govt charges 12%...
The Private tutors and coaching classes runners should be registered by the local authorities like Panchayats, municipalities and metros through simple forms with names, addresses of operators, the...
Rs6.14 lakh crore as input tax credit (ITC) remains blocked under Rule 86A by the tax authorities without any due process being followed. Attached is data by state. Can LocalCircles take up this is...
Dear All, I live in an affordable housing society under PMAY in Gurgaon for the past two years. Maintenance is supposed to be free for five years. Builder has increased CAM charges twic...
The leaders of the Govt, the babus of the Govt are very clueless LocalCircles and we have not done enough to wake up these people. Read below: 5% GST on COVID vaccine. 28% GST...
What's the most taxed product in India? It's not cigarettes, a can of aerated beverage or a bottle of whisky or beer. It's an AUTOMOBILE. It attracts the highest GST rate of 28% & a cess o...
By Sunita Varghese
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