GST amendment was done by the Government in the recent past and now in order to make the benefits reach to the Business class, has got the amendment notified. Still, it seems that the business class is deprived of most of its benefits. Prediction is that it will take time for these amendments to be implemented online soon.
Also, the returns which had already been filed would not be able to get the benefits which are coming the way through the amendment.
GST expert Rakesh Gupta said that the business world is eagerly waiting for the enactment of the Amended laws which have been allowed in the trade industry under section 39(9). As it is evident from the recent past when the enactment of Trans-1 and Trans-2 was delayed by months, if the same scenario happens, many businessmen could miss the input credits of 2017-18. Though the government has clarified as to till when the online facilities would come into action. Mr. Rakesh Gupta further added that as per Law, credits for any invoice 2017-18 would only come till the September return deadline date, that is, 20th October.
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Now in this scenario, if the taxpayers are allowed to amend the last year’s returns then many of the businessmen would be benefited, else, just because of minor mistakes many would be deprived of the last credit.
One more amendment is in the row and it is in Section 43. Which is an addition and it is Section 43A. This Act deals with Filing of the returns and input credits. But the Government plans and decisions regarding this Act has not been clarified yet. Since the current return procedure has been now stretched till 31st March 2018 so the new setup would come in action from the next Financials. Thus, from the above scenario, it is evident that the benefit of the Amendments would start coming from the next Financials and not now.
There is one more amendment, which has been made in Section 10(1) and (2). This amendment will benefit the composition dealers by allowing them to provide services. Any manufacturer or trader who is involved in this scheme could give services on a nominal amount of Rs. 5 lacs or ten percent of the turnover. But the picture is not very clear that whether this 5 lac value will be under the 1.5 crore limit or there will be an extra benefit. The taxpayers and professionals are in dilemma till the Government comes in the picture and clarifies the doubts.
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