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Input Tax Credit

Goods and Services Tax - Started By: - santosh phulse - Dated:- 4-9-2016 Last Replied Date:- 5-9-2016 - According to the existing provisions under the draft law, the buyer can claim only if the seller or provider of the goods or services has paid the tax charged for such goods or services.This has put the onus of ensuring compliance with the customer or buyer of the goods and services. -This particular clause in the draft GST law seems unfair to the business community and should be removed. - Re .....

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me part of this failure, i.e. why the provisions has been drafted.Tax provisions has to be seen from economic prospective rather than Individual prospective. Tax credit provisions in GST are similar on the pattern of Income Tax TDS deduction, which if not paid by Deductor into Govt. treasury and further not shown in Income Tax TDS return would not enable assessee to avail Tax credit. - Reply By Ganeshan Kalyani - The Reply = Sir, I agree with the views of Sri Kasturi Sir and Sri Sanjay Sir.The t .....

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system does cross checking as to whether the TIN of purchaser is appearing in the details and allow the credit if appears. If there is any difference in the tax amount shown by the supplier with the credit amount claimed by the purchaser then the purchaser in order to claim set off has to get written confirmation from the supplier and produce the same before the authority to become eligible to claim the set off.In GST, as well, the same system as that of VAT is proposed. An assessee shall get t .....

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issue notices and may have to start proceeding as well which would be troublesome to assessee. So in my view it is better that such provision is proposed where the said task is delegated to assessee. Since both the parties are having good business relations they can sought the issues amount themselves. The idea is great which would minimise the intervention of the tax authority and encourage ease of doing business. Thanks. - Reply By YAGAY AND SUN - The Reply = Such provisions has been enshrined .....

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he DVAT Department has come with coding systems of items which shall be mentioned in the purchasers' and sellers' return and invoices to reconcile the correctness of transactions.Even in earlier times the Central Excise Department to check the availed Modvat Credit and Modvat credit availed above ₹ 10000/- the details/xerox copies used to send the seller's jurisdictional Range Office for its authenticity.This is not a new feature which has been incorporated in the GST Model Law .....

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mpliance. The volume may shift to much bigger organised players, Smaller companies will not have the sophisticated technology to track or verify compliance while bigger companies who source components from multiple vendors would find it difficult to track and verify compliance by each and every vendor. This will lead to wastage of time and money, the government should put forward for claiming is whether the buyer has paid the tax on his purchases or not.The industry has already raised this issue .....

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he deductor of TDS has not uploaded the TDS details of the deductee.I do believe that, the fear of deficit of trust between the supplier and buyer must be eliminated and the environment of mutual trust and responsibility must be allowed to grow. As you know, because of few persons / business entities engaged in wrongdoing, all genuine persons / business entities are finding it difficult to do the business honestly. - Reply By KASTURI SETHI - The Reply = Dear Experts, I have come across a Trade N .....

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limit for registration and conplaince is ₹ 10Lacs. If I believe this is very minimal which even small vendors would be able to achieve. So there would be no small dealer or big dealer is GST. The number of assessee base will increase. All have to comply. Yes dealer need to have dedicated staff in the office to look after GST compliance. Those suppliers who have not paid tax should be requested to comply and set right. Such activity will be a continuous activity. Sri CA Surender Ji, I full .....

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ould be there is a question mark as of now. Sir, also TDS is quarterly conplaince whereas GST would be monthly conplaince. This also will demands time of the dealer.Sir, change is certain. It gives problem in the beginning but the fruits would be sweet. Likewise the provisions as included in the draft law would yield good result in long run. Thanks. - Reply By Ganeshan Kalyani - The Reply = Sir, I believe each dealers in the chain of GST should be made aware of such problems when tax is not paid .....

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osition to demand the details/proof of his tax payment in time to be able to file his own GST return in time. There could be instance where the buyer has made an advance payment of goods to his supplier (obviously including GST) and the supplier has not deposited the tax to Govt due his genuine liquidity issues or intentionally. What happens in such cases, where the buyer has genuinely paid his tax and yet cannot get input credit? The buyer cannot be expected to ensure a third party compliance. .....

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. So much will be the importance of technology. - Reply By CS SANJAY MALHOTRA - The Reply = Dear Mr. Santosh ji, Am in agreement with Sh. Kasturi ji. We have taken up this issue with the Board also to work out alternative so that the purpose of Govt may not be defeated. In connection with same, we were told that Govt wants us to be one of the stakeholder in ensuring compliance by taking up with our suppliers to pay tax timely, when we are reimbursing the same to them. In sales tax, majority of s .....

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