New guidelines of GST: Traders who were not eligible for ITC till now will also be able to claim

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New guidelines of GST: Traders who were not eligible for ITC till now will also be able to claim
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10:46 PM July 28, 2022
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From July 18, 5% GST has been implemented by the government on packed and labels up to 25 kg across the country. Due to this, many types of food grains have come under tax. In such a situation, traders who were not taking input tax credit (ITC) of packing materials and machines purchased till now, have become entitled to take it, for this, it will have to apply by August 16. Traders can use the ITC of packing material for payment of 5% GST. All those raw materials will get a credit that was in his stock on 17 July. It is to be noted that the taxpayer will get the ITC of the material purchased after 18 July 2021 and the tax paid on the machine. Copyright © 2022-23 DB corp ltd., All rights reservedthis website follows the DNPA CODE of Ethics.

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