Goods and Services Tax – GST – By: – Altamush Zafar – Dated:- 20-3-2018 Last Replied Date:- 21-3-2018 – Only few days left to file the TRAN-2 form. The taxpayers need to know some essential points which are often being ignored regarding the form: The form is only for traders. It is only for traders who were unregistered in VAT. The benefits of credits received are to be passed on by way of reduced pricing. This doesn't just mean that the benefits are to be passed on, it also means that details of all the tax payers who have filed this form will be sent to the Anti- Profiteering Committee and the tax officials will surely pay you a visit if it is a substantial amount. The document of procurement is required to avail the credit. This doc
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1 in serial 7 of whether having duty paying document- 'yes' or 'no' should not have given. – Reply By Ganeshan Kalyani – The Reply = nevertheless nice article and timely written. it will be an alarm to the querist. thanks. – Reply By Ashwarya Agarwal – The Reply = Sir in my opinion, there is no such condition that It is only for traders who were unregistered in VAT. – Reply By Altamush Zafar – The Reply = The availment of credit through TRAN-2 is allowed through proviso to section 140(3). Section 140(3) is for certain specific persons and those who were not liable to be registered under previous laws (meaning not registered). Therefore the proviso will be read subject to the section except for the sole condition written in t
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