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Industry gets 90 days to claim credit for GST transition stock Traders and retailers can file declarations within 90 days claiming a tax credit for transition stock after the GST rolls out from July 1. The transition rules approved by the GST Council provides that "every registered person entitled to take credit of input tax shall, within 90 days of the appointed day, submit a declaration electronically, specifying separately, the amount of input tax credit to which he is entitled. It also gives commissioners the power to extend this period by further 90 days on the recommendation of the GST Council. Saurabh Tripathi +91-9953431467
GST Consultant in Delhi || Finanza Management Services LLP || info@fmsllp.in|| Govt to issue notices to assessees failing to file GST returns!!!!! Toughening its stand on goods and services tax (GST) defaulters, the government has asked officers to send notices to assessees who have failed to file returns. The move has come amid heightened revenue collection concerns with three months left in the current financial year (FY18). Besides, Finance Secretary Hasmukh Adhia, in a meeting on December 9, asked Union and state tax officers to review revenue collections in the first five months of the GST roll-out, compared to the corresponding period last year.
*Submit fresh LUT for exports w.e.f. 01.04.2018* As per the Circular No. 8/8/2017-GST dated 04.10.2017, the LUT shall be valid for the whole Financial Year in which it is tendered. Thus, the LUT obtained during FY 2017-18 shall be valid till 31st March, 2018. Exporters who intend to export under LUT are advised to submit fresh LUT for exports w.e.f. 01.04.2018. For more information Finanza Management Services LLp info@fmsllp.in
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