respected sir ,
whether transitional credit claimed and availed on the stock held on july-2017 to be passed to costumers under anti -profiteering rules or not if yes then what is the benefit for taxable person in claiming trasitional credit .please discuss
Posts / Replies
Showing Replies 1 to 5 of 5 Records
Sir, the credit is eligible to offset it against the GST payable on those stocks when supplied. The incidence of tax is passed on thereby.
I concur with the views of Sh.Ganeshan Kalyani Ji.
thank you for sharing your valuable opinions
For more details, you must see the Order dated 6.7.22 passed by National Anti-Profiteering Authority in the case of Sh.Promod Agarwal & M/s.Arihant Superstructures Ltd.(2022 (7) TMI 698 - NATIONAL ANTI-PROFITEERING AUTHORITY)
If you have carried forward tax-credit from old regime to new regime, anti-profiteering provisions will not apply. However, if you got 'additional' tax-credit under transitionary provisions or due to provisions of new regime anti-profiteering provisions will come into picture.
These are ex facie views of mine and the same should not be construed as professional advice / suggestion.