New Delhi: The Centre Sunday clarified that supplies made on or after September 22 will attract the new rate, even if the stock was purchased earlier. Also for goods or services supplied before the rate change but invoiced later, the new rate applies.
Also, advance payments made before September 22 but delivery after the date will also attract the new rate. This means if you have booked your car before September 22 and made advanced payments, but delivery happens later, the new GST rate will be applicable.
The clarification issues in the form of frequently asked questions (FAQs) said businesses can claim full input tax credit (ITC) on purchases made before the rate change, provided GST was charged correctly. Changes in rates will not reduce the credit already available.
Also, advance payments made before September 22 but delivery after the date will also attract the new rate. This means if you have booked your car before September 22 and made advanced payments, but delivery happens later, the new GST rate will be applicable.
The clarification issues in the form of frequently asked questions (FAQs) said businesses can claim full input tax credit (ITC) on purchases made before the rate change, provided GST was charged correctly. Changes in rates will not reduce the credit already available.
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