Source: NRI News 24×7
There is a window of opportunity for companies, who want to claim credit for past taxes, in government’s decision to extend the
deadline for first summary GST Return and GSTR- 3B to August 28. These companies, who found the column to claim earlier tax credit missing from the GSTR-3B form, will get more time to claim tax credit against GST liability. Those who have no credit or do not wish to claim opening credit in the current month should remember that the deadline for them continues to be August 20. Without filing TRAN 1 companies, they cannot take the benefit of the opening credit and thus would adversely affecting their cash flow in the initial months of GST implementation During this period, Vayana Network is helping such businesses to get affordable short term trade financing.