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Indian govt notifies changes to rules on input tax credit

30
Dec '19
Pic: Shutterstock
Pic: Shutterstock
India recently notified changes to the goods and services tax (GST) rules, lowering the input tax credit to 10 per cent from 20 per cent of eligible credit, if invoices or debit notes are not reflected in filings. It also permitted officers at the level of commissioners to bar debit of input tax credit for a year in case of credit being availed fraudulently.

At its meeting on December 18, the GST Council had approved a proposal in this regard to check tax evasion and fake invoicing. The new rules will come into effect from January 1.

The government also notified that e-way bill of taxpayers who have not filed their Form GSTR-1 for two months or two quarters shall be blocked. It also allowed waiver of late fee for entities furnishing outward supply details in Form GSTR-1 between December 19, 2019 and January 10, 2020, for the period between July 2017 and November 2019.

Fibre2Fashion News Desk (DS)


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