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New GST Guidelines Have Reduced Compliance Burden
June 14, 2017
As the GST Council has modified the rules regarding transition stocks and filing or returns, the compliance burden has reduced considerably, industry sources said.
According to PwC, as per the modified GST rules, businesses will no longer need to match their taxable value with their input tax credit claims. They only require their tax amount, invoice and debit note number, and the GST identification number of recipient and supplier to match.
The alternations to the rules regarding transition stock are also beneficial for the dealers. As per the new rules, the deemed input credit against excise paid has been increased from 40% to 60% in situations where the individual has no duty paying document.
