Wait for GST Hawala
We have filed GSTR monthly returns only for the month of July 2019 and every dealer is facing mismatch problems: The selling dealer has either not filed return or did not show your purchases. With agreat hue and cry from our filth grade media and dummy economists. Govt postponed GSTR 2. Now there will be no matching and input claims. So what will happen at the end of the year?. The buying dealer shall have to pay input credit with interest and penalty . Besides Income Tax will treat these purchases as bogus and will be added to your income. One fail to understand what was so great problems about GSTR 2. The happy community will realise how short term lookout will cost them heavily in near future in terms of tax, interest and penalty. One should remember that rate of GST is higher so many dealers shall issue invoices and run away. The good thing is you can view total input tax credit for you and find out who is the defaulter. Enjoy today and pay taxes after three years and still say we are the winners. Great Indian Philosophy. more
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The same thing happened in DVAT in initial period.There was no check on ITC claimed by buying dealers.There were cases of excessive claims of ITC . It made Delhi government wake up to fake ITC claims. The result was introduction of Form 2A2B -matching of local sale,purchase invoices more
Nov 27
This is only the hue and cry made by opposition parties or corrupt (dishonest) business persons, as they don't want GST to become a success. If the details of outward supplies are given correctly, inward statements are to be generated by the system and this can be matched by the computers or manually. I think every one should support the system and try to overcome these initial difficulties. - CA Ashok Malhotra more
Nov 26
the software should be developed in such a way that the matching of the input and out put credit at the departmental level should be done with out human interference other wise the corrupt/lethargy tax officials would misuse the process and the whole purpose would get defeated. more
Nov 26
