Home GST TVS Electronics receives GST Assessment Order; Expects Financial implications worth Rs.17 Crore

TVS Electronics receives GST Assessment Order; Expects Financial implications worth Rs.17 Crore

0
TVS Electronics receives GST Assessment Order; Expects Financial implications worth Rs.17 Crore

TVS Electronics receives GST Evaluation Order; Expects Monetary implications price Rs.17 Crore

TVS Electronics Restricted was served with a Items and Providers Tax (GST) Evaluation Order, the corporate mentioned in an change submitting on Saturday, December 23.

The litigation is at present earlier than The Joint Commissioner of State Tax-New Delhi, and the opposing occasion is Correct Officer, Ward 93, New Delhi. In line with the change submitting, the corporate anticipates monetary ramifications of Rs 17.04 crore on account of this case.

The order is for the monetary 12 months 2017-18 and is about Enter Tax Credit score (ITC) referring to credit score notes and different ITC. The division has issued a requirement, citing variations within the therapy of credit score notes. The division has particularly eliminated GST on credit score notes from the online ITC, leading to a big discrepancy.

In response, TVS Electronics declared credit score notes on purchases and returns, which matched the seller’s submission of their GSTR1 (GST Return). Based mostly on its books of account, the company obtained ITC.

An entire reply, accompanied by supporting documentation, has been submitted to the division. The company is at present within the means of submitting an enchantment to the Joint Commissioner of State Tax in New Delhi.

Be part of bkkhemka’s WhatsApp Group or Telegram Channel for Newest Updates on Authorities Job, Sarkari Naukri, Non-public Jobs, Revenue Tax, GST, Corporations Act, Judgements and CA, CS, ICWA, and MUCH MORE!”

LEAVE A REPLY

Please enter your comment!
Please enter your name here