DEVELOPMENTS THIS WEEK
State Ratification: Sixteen states with Odisha being the latest State have now ratified the GST Constitutional Amendment Bill. With this the ratification stage of the Bill is complete. Now the Bill awaits Presidential Assent for enactment. With this meeting the deadline of 1st April, 2017 looks very probable.
KEY GST ISSUE BEING HIGHLIGHTED THIS WEEK
Invoice matching for claiming Credit: Notably, the Draft Model GST Statutes proposes matching of inward supply invoices on the basis of which Credit of GST may be claimed with data uploaded by way of returns filed by the outward supplier. Though such process is not in place in CENVAT regime, such processes are prevalent in many states such as Maharashtra.
Businesses will have to rework internal processes of claiming credit of GST to ensure credit is not denied in the hands of the person claiming such Credit.
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