Indian Tax Solution
NEW DELHI, AUGUST 17:
The Finance Ministry on Thursday said that the form for claiming transitional input tax credit will be available on the GSTN website from August 21. The transitional credit is the carried forward input tax credit from the earlier central excise and service tax regime.
Taxpayers who wish to claim the credit under the new goods and services tax regime should calculate their tax liability and pay it by August 20. They will however, get additional time till August 28 to submit Form TRANS I and Form 3B with their GST return.
"In case of shortfall in the amount already paid vis-a-vis the amount payable on submission of Form 3B, it will have to be paid with interest of 18 per cent for the period between August 21 till the time of payment of such differential amount.
Huge relief for manufacturers -No GST payments on advances received for supplying goods
On Wednesday, the Central Government spared businesses from paying GST on advance amounts they have received for goods which are to be supplied later in the future. The step was aimed to help clear the confusion over tax liabiliti ...