Are you paying more GST because of your fabric supplier?

Are you paying more GST because of your fabric supplier? According to the Circular 123/42/2019 dated 11th November 2019 issued by Central Board of Indirect Taxes & Customs, one can avail Input Tax Credit only 1.2 times the GST amount declared by one’s suppliers and vendors.

For eg; In the month of November 2019 you paid Rs. 200 GST to your suppliers and collected Rs. 300 GST from your clients, then ideally you should only pay Rs. 100 GST to the Government. But now, let us suppose, If your suppliers do not declare invoices worth Rs. 100 out of the total invoices worth Rs. 200 which have generated in favour of your company in their GSTR1 return, then you are liable to pay Rs. 200 GST to the government instead of Rs. 100. You have to pay Rs. 100 extra In short, if your supplier does not file his GSTR1 Return properly, then you are liable to pay extra money.

We at Charu Creation have created a 21 checkpoints 100% guaranteed GST filing system which ensures that you loose zero money. We even ensure that any invoice modified on the request of our clients after the filing of the GSTR1 return gets timely amended at the GST portal.

You have Successfully Subscribed!

Send this to a friend