13th August 2017
Traders and Businessman are facing problems due to VAT. But now the new tax system has a refund of VAT refund and input credit in GST will show real time show on the latest portal. Businesses can also use refunds to repay tax. The biggest advantage of this would be to the business that their money will not block real-time shows which will be input tax credit or refund the amount of goods and service tax network GST system. These will make real time shows on the GST account of businessmen and traders. Business Since, its purchase and sales of detail and fill with GSTIN number. He will show his refund and input tax credit immediately in the account.
The businessman can use his input credit and refund claim to repay the tax. Now he will not get refund because all on record is. Their amounts will also not be blocked and they can use it for the next tax payment. The bigger reason for stopping refunds in the old system was more bogus claims. CAG audited input credit received by traders in 8-9 states, in which they found that claims of 30% of the input credit .That's why a system that your cellar will get your claim information immediately.
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