Those who do not submit the report will not be eligible to receive any input tax benefit.
Goods and Services Tax
Hyderabad: All traders and dealers have been asked to submit a record of the stocks remaining with them, to the Commercial Taxes Department, by June 30, in preparation for implementation of the Goods and Services Tax (GST) which will come into effect on July 1. Those who do not submit the report will not be eligible to receive any input tax benefit.
G. Somesh Kumar, the Principal Secretary (Commercial Taxes & Excise) of the TS Revenue Department, says that some dealers believe that the implementation of GST will be delayed, however, this is not true. He affirms that the GST will be implemented from July 1 onwards, and he asks all dealers to submit stock details at the earliest.
( Source : Deccan Chronicle. )
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