According to the decision taken in the GST Council meeting on Wednesday, now traders will get GST refund in a very short time like the Income Tax Refund. According to the indirect tax department, GST refund will be given within seven days in cases where there is no scope for fraud and doubt about refund. This will keep the availability of working capital. Registration for new traders to get GST numbers has also been made extremely easy. According to the new decision, now new businessmen will be able to register themselves on the GST portal in three days. The department says that the notification of the decision taken in the 56th meeting of the GST Council may be issued next week. Businessmen have 15 days to prepare their books for changes in GST rates. The customer pays GST, the business only collects it from the customer and gives it to the government.
GST will be imposed according to payment and bill.
The new GST rates are going to be implemented from September 22 and the rates of more than 300 items have been changed.
Traders also have old stock. In such a situation, the traders are in a state of confusion about what they will have to pay for the rate if they first send the goods and receive the payment after September 22. Traders often send goods first and take payment later. Many times they take payment first and send goods later.
The Indirect Tax Department has clarified the traders in this case that if they have sent the goods earlier and the payment or bill is made after September 22, then GST will be implemented at the new rate.
If the payment is made first and the goods are sent after September 22, then GST will be applicable at the current rate.
At the same time, if someone buys raw materials before September 22, then he is taxed at 12 percent. From September 22, that raw material will have five percent GST. In such a situation, if the trader takes his input tax credit even after September 22, he will get an input tax credit at the rate of 12 percent.
GST refund will soon ensure the availability of working capital to businesses
New GST rates will be implemented from 22 September, rates of more than 300 items changed
The new GST is the result of efforts to reduce tax burden
Commerce Minister Piyush Goyal has described the historical decision on GST as a result of the continuous efforts of the Modi government to reduce the burden of taxes. He said that by implementing GST in 2017, work was done to free people from the trap of taxes.
